Liquidity concerns arise due to the massive number of tokens held by some investors and large wallets allegedly controlled by the PEPE token founders that could drain liquidity.

Pepe, a meme cryptocurrency, recently experienced a 7,500x increase in value over a few days, followed by a 60% correction, causing panic among investors and rumors of a developer rug pull. However, the token's price recovered by 40%. Pepe's recent price movements have generated significant interest, but it remains a highly speculative and potentially hazardous investment due to the developer's exclusive ability to blacklist wallets and manipulate the token's supply, raising concerns about centralization and potential exploitation. The distribution of Pepe's supply among select wallets also increases the risk of market manipulation and volatility. Potential investors must exercise caution and conduct thorough research before investing in such assets. The rapid rise and fall of Pepe highlights the unpredictable nature of meme tokens, and investors should carefully consider the potential risks and rewards before making investment decisions.

April 23 (Cointime) - Jeff Huang, aka 'Machi Big Brother', a Taiwanese-American musician and tech entrepreneur based out of Taiwan, denied being the founder of Nakamigos or the $PEPE token, stating that the project was actually started by Beeple or Yuga Labs.

A new meme coin named after the infamous Pepe the Frog cartoon character has entered the cryptocurrency market, with a market capitalization of just over $130 million. Pepe (PEPE) has become the sixth-largest meme coin asset in terms of market capitalization.

PeckShieldAlert, a leading blockchain security company, has warned about a phishing site and a fake Twitter account related to the newly emerged Pepe (PEPE) meme coin. The Twitter account (@pepecoineth_) is fraudulent, and the link, "pepecoin. vip," is a phishing website.

PEPE coin, a meme-inspired cryptocurrency, has gained significant attention after surging over 21,000X. Trust Wallet, owned by Binance and one of the most well-known crypto wallets, recently added support for PEPE as the coin trended highly on social media.

Sandwich bots are using a predatory strategy to skim value from users and gain profits from newly-issued memecoins like pepe and chad, which have no intrinsic value. The bots trap a user's transaction between two transactions and frontrun their trade by buying the same asset and selling tokens to the victim in the same trade for a slightly higher price. A wallet named "Jaredfromsubway.eth" has spent over $2 million in the past week on Ethereum network fees trying to sandwich traders punting on low-cap tokens, driving up fees and becoming the top spender on the network. The pepe frenzy is on in full force, with pepe tokens nearly doubling in the past 24 hours as Crypto Twitter traders move over from their doge-themed tokens to bet on the internet meme instead. However, most of these tokens are unlikely to last beyond a few weeks, while entities like Jaredfromsubway.eth are profiting from the trend. (Coindesk)