The “Uptober” meme coin team accused Jaypeg of a promotional scam, as he sold tokens given to him and denied ever receiving them in the first place.
Popular crypto influencer Jaypeg was accused by the team behind the “Uptober” memecoin of conducting a promotional fraud. The team alleges that Jaypeg received tokens to promote the project, sold the tokens, and subsequently denied receiving the funds.
According to members of the Uptober team and Telegram group, they have achieved an agreement with Jaypeg to promote the memecoin in exchange for 2% of Uptober’s supply, which is estimated to be worth $2,200.
The influencer accepted the agreement in a Telegram thread and received the funds. However, he promptly deleted the receiving addresses posted to the group, claiming they were arbitrary and did not belong to him.
ZackXBT, an onchain investigator, was contacted by the team to conduct an investigation. He provided a variety of evidence that contradicted Jaypeg’s assertions. The receiving address of the approximately $2,200 in Uptober tokens, which began with “8jpz1p,” was revealed by the onchain detective. This address was the same address that claimed airdrops from the Solana Saga smartphone on January 10, 2024, hours after Jaypeg posted a Solana Saga unboxing video and referenced the airdrops.
Jaypeg maintains that the wallet address posted in the Telegram group was a “random address,” which led the influencer to remove the messages from the group that featured the address.
The memecoin influencer also alleged that the Uptober team attempted to coerce him. In a public apology, he purportedly donated the money to a charity.
Memecoins have become a sensation in the crypto markets
It is well-known that memecoins have been one of the most successful digital assets in the current cycle. The markets are currently at the inception of a memecoin supercycle, according to analyst and influencer Murad Mahmudov. He anticipates that the market for memecoins will reach its apex by the end of 2025.
The recent Solana price rally is believed to be the result of this memecoin speculation. Since September 19, 2024, the Solana network has generated an astonishing 633,357 new tokens, as reported by Step Finance.
Google Search analytics also support the current interest of investors in memecoins. Search volume for memecoins increased to nearly as high as the previous all-time high, achieved in 2023, during the week of October 12. Conversely, search interest in “Bitcoin” plummeted to levels not seen in over a year.