Bubblemaps challenges PEPE’s fair launch, alleges 30% of genesis supply bundled

About 30% of the initial PEPE supply was bundled under the same entity, which sold $2 million worth of tokens the day after launch, according to Bubblemaps.

Blockchain data is casting doubt on the “for the people” launch narrative of memecoin Pepe, with new analysis suggesting that almost a third of the initial supply was held by a single entity and contributed to heavy early selling pressure.

About 30% of the Pepe (PEPE) token supply was bundled at launch in April 2023, blockchain data visualization platform Bubblemaps claimed on Wednesday in a post on X, adding that investors were “lied to.”

The same wallet cluster sold $2 million worth of PEPE tokens the day after launch, adding significant sell pressure that stopped the token from surpassing the $12 billion milestone, according to Bubblemaps.

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