The Uptober memecoin team has accused well-known crypto influencer Jaypeg of running a promotional hoax. The dispute revolves around Jaypeg supposedly getting tokens as part of a contract to advance the project, only to sell them off and thereafter deny ever getting any money.
The Uptober team claims they reached a deal with Jaypeg whereby the influencer would advertise their token in return for 2% of the entire supply value, or around $2,200. Jaypeg initially agreed to the deal and received payment through a Telegram channel. Soon after, Jaypeg allegedly erased the wallet addresses connected to the organization, saying the provided address was only random and not his.
To support their allegations, the Uptober team resorted to on-chain investigator ZachXBT. Following extensive research, ZachXBT found that the address—which got the $2,200 in Uptober tokens—was the same one that had claimed airdrops from the Solana Saga smartphone just hours after Jaypeg posted a video unpacking the gadget. This relationship suggested that Jaypeg had in fact acquired the tokens, therefore contradicting his assertions.
In answer to the charges, Jaypeg said he was under blackmail from the Uptober crew. Apologizing publicly, he said he had tried atonement by donating the money to charity. However, this action only increased his supporters’ skepticism; some claimed he had fraudulently created the gift documentation.
Jaypeg asserts his disassociation from the Uptober initiative and upholds his innocence amidst ongoing debates. The event has heightened the already unstable environment of memecoins, where market manipulation and advertising offers are a regular issue.
The memecoin market continues to surge in popularity in the meantime. Driven by speculation and growing interest in tokens generated on platforms like Solana, analysts forecast that this trend will last the next year. Still, controversies like the one involving Jaypeg cloud the validity of certain memecoin businesses.
