The Uptober memecoin team has accused popular crypto influencer Jaypeg of running a promotional scheme, alleging that he received tokens to promote the project, sold them for profit, and later denied ever receiving the funds.
According to the team and members of their Telegram group, they reached an agreement with Jaypeg, offering him 2% of Uptober’s token supply, worth about $2,200, in exchange for promoting the memecoin.
After accepting the deal, the influencer allegedly deleted the wallet address he used to receive the tokens, claiming that the address did not belong to him.
To investigate the issue, the team reached out to blockchain detective ZackXBT, who provided evidence contradicting Jaypeg’s statements. ZackXBT revealed that the address used to receive the $2,200 in Uptober tokens matched an address associated with a Solana airdrop, which Jaypeg referenced in a Solana Saga unboxing video earlier this year.
Despite this, Jaypeg argues that the address was random and denies any wrongdoing. He further claimed that the Uptober team attempted to blackmail him and has since apologized publicly, stating that he donated the funds to charity.
Memecoins have been gaining attention in the crypto market, with analysts like Murad Mahmudov suggesting that the market may be in the early stages of a memecoin super cycle.
This speculation is believed to have contributed to the recent price rally of Solana, with over 600,000 new tokens created on the network since mid-September. Search interest in memecoins also surged, while interest in Bitcoin has dropped to its lowest in a year.
BitMEX co-founder Arthur Hayes also shared that he’s on the lookout for the next big meme coin and is putting together a portfolio ahead of an expected rally.
While Hayes is still waiting for the crypto community’s suggestions, his portfolio already includes some well-known names like Iggy Azalea-inspired Mother Iggy (MOTHER), Mog Coin (MOG), and Pepe (PEPE).
