In a recent turn of events, crypto influencer Jaypeg found himself amidst controversy after being accused of a promotional scam involving the Uptober memecoin. The allegations surfaced when members of the Uptober team claimed that Jaypeg received tokens to promote the project but sold them off without acknowledging the transaction.
Despite denying the claims and labeling the receiving address as random, evidence provided by onchain sleuth ZackXBT contradicted Jaypeg’s statements. The wallet address associated with the transaction was found to have claimed airdrops from a previous event, raising suspicions about the influencer’s involvement.
Following the accusations, Jaypeg attempted to make amends by publicly apologizing and donating $2,000 to The Turtle Foundation, a conservation charity. The incident shed light on the risks associated with memecoin promotions in the crypto market, especially during the current surge in memecoin popularity.
The controversy surrounding Jaypeg comes at a time when the memecoin market is experiencing significant growth and speculation. Influencers like Murad Mahmudov predict a memecoin supercycle, with memecoins driving market trends and impacting cryptocurrency prices.
