The team behind Pepe Coin, which has risen 210x in a short time, has a secret weapon in their hands. While the altcoin is making its way into the wallets of thousands of investors, its smart contract includes functionality that can blacklist these coins…
Popular altcoin can delete coins from all wallets!
Pepe Coin has recently become the prominent name in the altcoin market. However, the underlying contract behind it contains some questionable functionality. This contract can blacklist users with just a few clicks. The secret weapon in the Pepe team’s hands was designed to prevent a single wallet from having too much control over the token supply.
However, this feature raises concerns about the decentralization of the token. The contract holder can only invoke the blacklist function through the OnlyOwner modifier, indicating that it has significant power over the distribution and use of the token.
This centralized control over the ability to blacklist addresses contradicts the ‘decentralization’ principle of Blockchain technology and is controversial.
Million dollar wallet blacklisted
According to on-chain findings, a wallet holding around $850,000 worth of PEPE has already been blacklisted and will no longer be able to make any transactions with the token. The owner of the wallet discovered the PEPE token in its early stages, and the coins he bought for just $27 soon reached thousands.
Pepe (PEPE) increased 7,500 times in hours on April 18. Crypto researchers from the Arkham team reported that a few people achieved whale status during the rally: “The wallet that started with 0x8e5 bought 1.827 trillion PEPE for $20 over the weekend, a position currently worth well over $150,000. I’m sure he would have been very pleased if he hadn’t sold them all after 8 hours.
gm – it appears to have been memecoin season over the past couple of days.
This account 0x8e5 bought 1.827T "PEPE" over the weekend for $20, a position which is now worth well over $150K.
I'm sure he would have been very pleased, if he hadn't sold it all 8 hours later 😭 pic.twitter.com/skFkkBVAOj
— Arkham (@ArkhamIntel) April 18, 2023
PEPE made these altcoin investors millionaires
According to the data, one Ethereum (ETH) account bought 1.82 trillion PEPEs for just $20. This acquisition represents a significant portion of PEPE’s circulating supply. Within two days, the price of this allocation had risen by more than $150,000. PEPE Coin has seen an almost unprecedented 7,500x price increase. However, the big investor called “the whale” sold PEPE too soon.
PEPE is currently in trend. cryptocoin.comIn this article, we have covered its main features and how it differs from its competitors in detail.
Is Pepe Coin reliable?
While blockchain technology has the potential to create a democratic society by distributing power to a network of nodes without compromising decentralization, the centralized control of the PEPE token over the blacklist function is seen as an example that could strengthen existing power structures. However, there are other solutions to the problem of wallets holding large amounts of tokens. Some projects provide a token burning mechanism or automatic redistribution of cryptos to all holders to prevent power from pooling in a few hands.
