Following on from my last post on the 16+ million dollar PEPE transactions last week, the PEPE team has now, for the sake of "transparency" issued a statement. According to available reports, the official twitter account of PEPE claimed that these tokens were stolen. They were part of the CEX wallet, which was "never intended for market sales or personal profit by the team". Now before going further with their claims, let's pause and reflect on that part of the statement, and obvious questions jump right out at us.

So there was a wallet, with control of the developing team, having trillions of coins. Second point is the "NEVER INTENDED" to put these on the market or profit from them. I find this really lacks credibility. If they never intended to market these coins, why did they not BURN them. Burning coins is not a new concept. The easiest way would be to transfer them to an account whose private key has been destroyed. It is certainly something they would do if they never intended to market these coins.

Even, with the 10 trillion tokens that remained the team is saying they have transferred that to another wallet. Does that sound like actions of a group that does not intend to profit off these tokens? To me, it doesn't.

Pepe has a lot of work ahead, if it wants to come out looking good again. Calling dissenting members names is not the way to go. Take legal action against people who stole, with your evidence and bring them to justice. That will increase confidence in the coin. Also, burn any coins that are held by developers. Otherwise, PEPE will become known as just another crypto scam designed to make the developers rich and the public holding the baby at the end.

Despite this depressing saga, as of today (28/8/2023), PEPE is showing signs of recovery. The price seems to have found a new resistance level and is bouncing around that. My technical analysis says there will be a breakout and the direction depends on the actions of the official team. However I am optimistic and have picked up some PEPE. However, these are under my very high risk bucket, and I allow myself to go to zero on those.

Note: This is not financial advice and I take no responsibility for your activities and you hold responsibility and liability for all your transactions.