New meme coin Pepe Community (PEPE) was the top performer yesterday with an over 500% move across 24 hours, but since then has crashed approximately 70% before bouncing.
DEXTools has flagged two audit alerts for Pepe, which can be a sign of a scam coin or future ‘rugpull’ – although not always – whereas other trending meme coins have no similar audit issues.
What Is Pepe Community Token?
A separate project to the well-known Pepe launched in April and listed on Binance in May, but with the same ticker symbol PEPE, the new Pepe Community token was listed on Uniswap on August 25.
The CoinMarketCap description for Pepe Community states the token has ‘no centralized owner’ and ‘no blacklisting of any buyer’.
The new Pepe coin’s development was in response to the larger market cap Pepe – currently $350 million, down from almost $2 billion at its peak – blacklisting some wallet addresses on launch day and last week facing insider trading allegations after its price crash.
According to its Twitter @pepecoineth, certain team members were able to steal ~16 trillion tokens from the multisig CEX wallet and dump them on the market, but $PEPE is back in ‘in safe hands’ and the remaining multisig wallet holdings will be burned.
Is The New Pepe Community Coin A Scam?
Despite its CoinMarketCap bio, Pepe Community currently has a blacklist function according to the audit scan section on DEXTools, which cites GoPlus, TokenSniffer and Hapi.
A blacklist function can be used by developers to prevent certain wallets from trading normally, for example selling their holdings to take profit.
Pepe Community also reportedly has other ‘trading cooldown’ and ‘antiwhale’ features that can limit the time between buy or sell transactions, or the maximum token position of wallets.
However, TokenSniffer still gives a 100/100 score for Pepe Community, its DEXTScore is 99/99, and community trust rating 90.1% after 71 votes.
Some new Uniswap tokens have rugpulled despite not having any audit warnings, and others have had audit warnings yet investors faced no issues in trading them.
Carlos ‘Ocelote’ Rodriguez’s new meme coin Shiba Saga (SHIA) also has two audit alerts but is the most trending cryptocurrency on DEXTools, with a trading volume over $16 million in the past day.
SHIA is currently undergoing a CertiK audit, according to its Twitter.
New Meme Coins With Clean Audits
Many new meme coins are gaining traction in response to the issues with PEPE and traders hunting the ‘next Pepe’ to buy:
BabyShia
BabyShia (BABYSHIA) was listed today and is up over 200%, with no red flags in its smart contracts audit according to DEXTools.
BABYSHIA is created in tribute to Carlos Rodriguez’s SHIA coin and his team. Its trading volume is over $5 million, listed just twelve hours ago at the time of writing.
GEKE
GEKE (GEKE) has no audit alerts on DEXTools and rose several hundred percent yesterday before a pullback today.
The GEKE team warned of Pepe’s blacklisting of buyers and how it may be a potential rugpull back in May in a Medium blog, launching its GEKE token as a more community-focused, decentralized meme coin.
SONIK
Sonik Coin (SONIK) recently passed a 0xGuard audit, according to its website.
Currently on presale with one week remaining, SONIK will launch on Uniswap with a fully diluted market cap of just over $4 million and staking rewards.
We also reviewed several other upcoming meme coins on our list of new crypto presales.
Disclaimer
This article is a paid publication and does not have journalistic/ editorial involvement of CoinGape. CoinGape does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein. Do your market research before taking any actions . The author or the publication does not hold any responsibility for your personal financial loss.
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