Bitcoiner Max Keiser Slams Pepe (PEPE) as Price Jumps 93% to Record Highs

Bitcoin supporter Max Keiser has slammed Pepe (PEPE), the new meme coin sensation in the crypto community, referring to it as an "unregistered security." 

Keiser reacted negatively to the story of a trader who allegedly turned a $3,000 PEPE investment into millions of dollars, a story making the rounds online. The tweet also indicated that Pepe had reached over $300 million in market cap barely two weeks after launch.

PEPE is an ERC-20 token with a supply of 420.69 trillion tokens and was up 106% in the last 24 hours at $0.00000125. PEPE reached new record highs of $0.000001439 just hours ago, according to CoinMarketCap data.

It should, however, be borne in mind that PEPE is a meme coin, which implies that it does not have any specific use case and mainly exists as a means of speculation.

The story circulating of traders making millions on their PEPE investments in weeks has also fueled speculation regarding the legitimacy of the project, as these examples might be carefully crafted to entice unsuspecting investors.

As reported by U.Today, some red flags have been spotted on the PEPE project. First, the underlying contract behind the PEPE token contains some suspicious functions, including one that can blacklist users.

Second, a large portion of the token's supply is concentrated among just a few wallets, sparking centralization concerns.

Given PEPE's massive rise in recent weeks, profit-taking that might catch some investors unawares might occur. The timing of such profit-taking that might lead to drastic price declines, however, remains unknown. But for now, PEPE seems to be climbing higher.