Altcoin Spotlight: What is Pepeto? (PEPETO)
It is rare that we feature a token that doesn’t break the top 60 tokens on CoinMarketCap on our altcoin spotlight, but occasionally we have to deviate to ensure individuals don’t get swept up into scams. Our latest concern is a token that has been featured in the news several times since July 25th, called Pepeto.
Pepeto is another memecoin that makes us automatically cautious of this token, though some individuals have high hopes for its success. Keep reading to learn what Pepeto is, and whether or not you should invest.
What is Pepeto?
Pepeto is, in short, a memecoin hub. It functions as a memecoin, to bring other memecoins together. It is designed as a community, with robust infrastructure designed to outperform other memecoins, which frequently operate on a more basic infrastructure.
Pepeto is a complete ecosystem with a zero-fee memecoin exchange, bridges that connect to other blockchains, staking, and a native utility token sharing the same name as the ecosystem, Pepeto.
Currently, the planned cap on Pepeto tokens is 240 trillion tokens, with 30% or 8 trillion available for presale.
How Does Pepeto Work?
Pepeto is built on the Ethereum blockchain, beyond that, we don’t yet have much information because Pepto is still in its pre-sale phase, meaning it is more of an idea right now than an actual blockchain.
Although it is still in presale status, Pepeto is shocking the world with over $5 million in presale investments—so much that many are speculating that it could, in fact, pass Dogecoin if this trend continues and the developers are truly able to deliver on all that they have promised.
Pepeto does at least have a whitepaper, something which not all blockchains have during the presale stage. We did review the Pepeto whitepaper while writing this article, and we have several concerns about the project because of doing so. While most whitepapers act as a basic blueprint for a blockchain, the Pepeto whitepaper reads more like a sales pitch, with cute images of the Pepe frog and Chinese lore, but we didn’t find out much about how the blockchain would actually run.
**There was a basic tokenomics breakdown, but we were mostly wondering how the creators planned to deliver on their promised “sustainable growth” with a free exchange, and we knew no more when we finished reading than when we had started.
Who Invented Pepeto?
The individuals behind the Pepeto blockchain have decided to remain anonymous. This does not stop the rumors from circulating and some say that Pepeto was created by some of the original Pepecoin creators. We could not find anything to confirm this fact.
Should You Buy Pepeto?
In our opinion, we do not advise an investment in Pepeto at this time. While the individuals behind Pepeto are currently promising their investors the world, we are having a hard time as seeing them as anything beyond promises. Not only is their whitepaper devoid of technological information, but they plan to reserve 20% of the tokens for marketing.
This is a huge red flag, but honestly, it tells us that Pepeto is nothing more than another memecoin. Despite the creators boasting of all the capabilities the blockchain will have we highly doubt they will be able to deliver on them all. Rather, we expect Pepeto to be just another memecoin, rising when the hype rises (and the marketing is good) and falling when the marketing fails.
We also thing that promising any memecoin to become “the ultimate memecoin” is a sales tactic, as memecoins are inherently risky and a store of value only. To be clear, we don’t recommend anyone invest any portion of their savings into any sort of memecoin, whether that’s Dogecoin or Pepeto, or even Shiba Inu—as they all carry far more risk than we think they are worth.
If that weren’t enough, we are always extremely skeptical of any blockchain whose creators are not made public, other than the elusive Satoshi Nakamoto. Far too many of these end up being rug-pull schemes for our liking, even if there are a few that are successful.
Of course, at the end of the day, it is up to you whether or not you choose to invest in Pepeto, but we highly advise at least waiting to ensure the platform is actually able to deliver on all of its promises before you put your money on the line.
We do want to mention that the Pepeto blockchain does state that they do undergo regular audits; however, we weren’t able to read any of the audit documentation due to the fact that the blockchain doesn’t yet exist.
Where Can You Buy Pepeto?
Pepeto is in the presale stage, meaning it is more restricted as to where you can find it. When we wrote this article on August 4th, it was available for purchase on the following platforms:
· Pepetotoken.io
· Uniswap (P2P only)
Please note that Pepeto can only be purchased with ETH, Tether, and BinanceCoin, and that you must have a compatible wallet in order to purchase. Currently, Pepetotoken is the only official sales channel for the presale, though individuals have reported seeing tokens up for resale.
Is Pepeto a Scam?
It is, unfortunately, highly likely that Pepeto is a scam. While we were able to find a whitepaper and other information on what the individuals behind the blockchain planned to do, we found out very little of who they are and how they plan to do what they promised.
Not only that, but their whitepaper raised more questions than it answered. That being said, it is possible that Pepeto is not a scam, but we urge all individuals to proceed with caution and to consider waiting until the token is publicly listed before purchasing.
Overall, despite the media craze, we aren’t currently planning to buy Pepeto, and we urge anyone considering an investment to approach with caution. Look at the whitepaper, then look up the creators. The lack of information should change your mind, and if it doesn’t, remember that this is not official investment advice and that you should speak to someone you trust before buying any cryptocurrency.
