Was PEPE’s Launch Rigged? Blockchain Data Raises Big Questions

Sean Williams
PEPE

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  • Bubblemaps says one entity controlled ~30% of PEPE’s genesis supply.
  • A $2M sell-off the day after launch added major early price pressure.
  • Forensic tools like Time Travel are increasingly vital for spotting insider-driven memecoin launches.

Blockchain forensics are raising fresh concerns about the origins of memecoin PEPE, with new analysis indicating that almost a third of the token’s initial supply may have been controlled by a single entity. The finding challenges PEPE’s branding as a grassroots, community-first project and adds new context to the heavy selling pressure that followed its explosive debut in April 2023.

A ‘Coin for the People’? Data Points Elsewhere

According to blockchain analytics platform Bubblemaps, roughly 30% of PEPE’s initial supply was clustered under one entity at launch. The same wallet cluster allegedly sold $2 million worth of tokens just one day after trading began — a scale of selling that analysts say likely capped PEPE’s early breakout momentum.

The revelation stands in contrast to PEPE’s original marketing, which emphasized a “stealth launch” with no presale allocations or insider advantages. Bubblemaps argued that early investors were “lied to,” noting that the concentrated holdings contradicted what many believed to be a fair, community-driven distribution.

PEPE has struggled since its 2023 peak. The token is down 6% in the past 24 hours and more than 81% over the past year, according to CoinMarketCap. Attempts to reach the project’s team have been unsuccessful.

Source: CoinMarketCap

Website Exploit Adds to Investor Unease

Trust issues deepened earlier this month after PEPE’s official website was briefly compromised and redirected users to a malicious inferno drainer, a sophisticated tool used to execute phishing attacks and wallet-draining scams. While the exploit was resolved, it fueled renewed scrutiny over the project’s security posture.

Despite the turbulence, PEPE has produced rare outlier success stories. One trader famously turned $2,000 into $43 million by holding through extreme volatility, ultimately realizing a $10 million profit after riding a massive drawdown.

Bubblemaps’ Tools Spotlight Insider-Heavy Launches

The analysis stems from Bubblemaps’ Time Travel tool, a forensic-grade system that reconstructs historical token distributions. The platform has been used to uncover suspicious patterns across multiple memecoins, including the Melania token, various fake Eric Trump-themed tokens, and the notorious WOLF rug pull, which collapsed 99% in hours and erased roughly $42 million in market value.

Also Read: How to Spot a Rug Pull Before It Happens 2025: 7 Proven On-Chain Warning Signs

As memecoin launches proliferate, the ability to identify concentrated supply, coordinated insider accumulation, or stealth presales has become a critical safeguard for retail traders seeking to avoid liquidity traps and engineered sell-offs.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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