In the Ethereum network, a brand-new PEPE meme currency has surfaced, but many are sceptical.

Following the creators' roughly $15 million token dump from the original PEPE project, the new meme currency was created.

A deeper inspection indicates significant centralization, despite the new altcoin's constant social media promotion.

The inventors of PEPE, a #cryptocurrency with a frog motif, came under heavy fire when they stole and sold tokens valued at about $15 million on the open market. As a result, the meme currency fell 17%. However it appears that a new meme coin has appeared on the Ethereum network; it has had a 137% increase in value over the past day with a market cap of $27.6 million. Although this rally was spectacular, detractors remain unmoved and are wary of this new token.

#pepe claims that "bad actors" in the team stole $15 million PEPE

PEPE coins fight for their lives.

PEPE was a pitiful on-chain alternative cryptocurrency that mimicked Dogecoin, the first meme currency, and Shiba Inu, Dogecoin's rival. The frog-themed cryptocurrency reached its pinnacle on May 5, when it was listed on Binance, one of the most centralised exchanges in the world. The meme currency had a $1.5 billion market cap at this time, and its value was $0.00000372. Although this move was a huge success, it was only temporary since the currency kept falling as a result of the deteriorating market circumstances. On August 25, after some of its creators dumped over $15 million PEPE on exchanges, this meme currency suffered a deadly blow.

The final developer acknowledged that the meme coins were stolen without his knowledge, but he pledged to keep the remaining 10 trillion tokens secret. Whatever the case, the action was taken, and harm was done.

On August 25, a fresh PEPE currency appeared on the Ethereum network; it has since increased by 1.52 million percent over the last five days and now costs $0.02724. This recently established coin has a $32.42 million 24-hour volume and operates under the premise that there would be no dumps on centralised exchanges. Because to the recent event, investors in meme coins have taken a keen interest in this project. Yet thorough examination of the cryptocurrency suggests that this idea might not be long-term viable, claim detractors on social media site X.

Perhaps the new PEPE is bound to fail.

The new PEPE cryptocurrency tweeted, "The liquidity has been burned, tax is zero, and the contract has been renounced," upon its introduction on August 25. The philosophy underlying this recently released initiative was to abandon the token's contract so that there are absolutely no backdoors. Developers or anybody else involved in the project is therefore unlikely to defraud investors.

Profiting on the demise of the previous PEPE currency, the new coin has managed to gain acceptance on less well-known centralised exchanges like MEXC and LBank.com. Nevertheless, detractors warn that because the new coin is listed under several identities on various exchanges, investors should exercise caution. While LBank.com refers to it as PEPENEW with PEPE as the ticker, MEXC refers to it as PEPE Community with PEPE as the ticker symbol.

A technique for automatically burning 0.25 percent of the pair token balance every two hours is also mentioned in the new PEPE project. The deflationary effects of this reduction in supply lead to a rise in the token's market value.

Plazma, a cryptocurrency enthusiast, pointed out that a project with a similar token burn mechanism had previously debuted and failed by 80%.

The new PEPE is being widely touted as a "'community driven' alternative where the programmers will not sell," claims another critic named "Yazan." By pointing out that there are "four" addresses in the distribution that can "essentially send it to zero if they chose to sell," they forbid investors from investing.

Moreover, they emphasise how the liquidity burn process is unsustainable and how it "artificially boosts the token value with no extra liquidity." The user says, "There is no next PEPE," and then gives it two weeks, implying that this new PEPE project won't last that long.