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PEPE

Pepe Coin’s Mega Rise Pinned To This Smart Contract Fix

Dalmas Ngetich by Dalmas Ngetich
1 month ago
in Cryptocurrency Market News
Reading Time: 3 mins read

Pepe Coin (PEPE) is soaring and has become one of the most popular meme coins behind Dogecoin and Shiba Inu. 

However, this wouldn’t have been the case if the Pepe Coin smart contract deployer had not chosen to do what was good for the project and, by extension, the community. The team renounced the deployer contract, sending it to a null address. 

Doing this meant no one could tamper with the smart contract and effect changes that could destroy the meme coin’s credibility.

Intervening For Credibility

According to curious online sleuths, the deployer of Pepe Coin smart contracts had “god-like” powers before changes were made. 

For example, the team could limit the number of token transactions, modify the maximum token trading amount, the maximum position a trader can initiate, or even suspend trading of a given address. Moreover, the smart contract included a black listing function. Subsequently, this effectively empowered the team to bar certain addresses from holding and trading the token.

Related Reading: PepeCoin (PEPE) Rallies By 42% As Interest In Memecoins Rises

With this, observers noted that Pepe Coin, though popular, wasn’t decentralized as many thought and project owners could, at any time, rug pull investors. 

A rug pull is a common scam in decentralized finance (DeFi) where a team builds a project, in this case, Pepe Coin, convinces users to supply liquidity and buy the token. Afterward, the team leaves the project and sells their portion forcing prices lower and leaving investors holding mud. 

The possibility of the team pulling out a rug pull was plugged when the deploying smart contract was sent to a null address on April 14.

The Rise Of Pepe Coin

Pepe Coin is a meme coin that has no utility. Instead, the team behind the project aimed to ride on “Pepe the Frog,” created in 2005 by Matt Furie. The meme coin project has no connection to Furie. 

Pepe Coin was launched in mid-March and with little fanfare. There was no presale, and the total supply was 420.69 trillion. Days after launching, Pepe Coin exploded to be one of the most popular meme coins. 

The token has surged to command a market cap of over $105 million. It has a slot in the top 300 projects by market capitalization, according to the coin tracker, CoinGecko. 

Related Reading: Can Meme Coin PEPE Get Into The Top 100? Read This Before Buying

At the same time, 93.1% of all PEPE in circulation were sent to a liquidity pool in Uniswap, and liquidity provider (LP) tokens were burnt. The remainder is reserved for centralized exchange listing and other initiatives.

Uniswap is one of the world’s largest decentralized exchanges facilitating the trading of tokens like PEPE, including non-fungible tokens (NFTs) on Ethereum and layer-2 protocols like Arbitrum. 

Feature Image From Canva, Chart From TradingView
Tags: Dogecoinmeme coinPEPEPepe CoinShiba Inu
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Dalmas Ngetich

Dalmas Ngetich

Dalmas is a crypto reporter covering NFTs, blockchain, DeFi, and blockchain news for NewsBTC. He’s part of a team of talented team working on bringing latest crypto development across the board. Dalmas is also the ex-founder of btc-pulse.com, a crypto news outlet. Dalmas has over 10 years of experience covering Forex, general finance, technology, and blockchain developments. His work and that of his partners has been featured in top news outlets including investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. He’s passionate about technology and politics. When he’s not keeping tabs on crypto events, you’ll find him out in nature, exploring and traveling with family and friends. You can follow Dalmas on Twitter @Dalmas_Ngetich or ping him on Telegram @Dalmas_Ngetich

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