Fuelled by hype and hysteria, memecoins went from an obscure and bizarre niche to a massive gambling vehicle that made people millionaires overnight.

PEPE is the latest sensation that captured the imagination of some of the most insatiable degens in the space. This particular frog-themed coin continued to ascend to dizzying heights as FOMO engulfed the market. But the latter is a scammer’s best friend.

Crypto Twitter shares stories of overnight millionaires from early PEPE investors, but it also led to the emergence of scam tokens. Security firm PeckShield identified 10 memecoin scams, while scammers target PEPE investors through fraudulent sites and fake Telegram accounts. The creators of PEPE warn the community to be cautious of suspicious websites and avoid connecting wallets to potential scams. Stay vigilant in the memecoin space.

Despite Elon Musk’s endorsement, PEPE memecoin faced controversies, including Coinbase labeling it a “hate symbol.” The incident sparked backlash on Twitter with the trending hashtag #deletecoinbase. Scammers took advantage of the PEPE hype, leading to concerns. Stay informed on the latest developments in the PEPE memecoin space.