In a matter of weeks, Pepper the raccoon went from being a wild animal wanted by the Quebec government to the face of a million-dollar cryptocurrency — but crypto experts warn it could become a pump-and-dump scheme.
The Pepper coin is one of many cryptocurrencies capitalizing on viral memes and animals with online followings to attract buyers. While most “memecoins” are intrinsically worthless and piggyback off the attention economy, a few have misled buyers into believing they are supporting a charitable cause, experts caution.
It began when officers from Quebec’s Environment Ministry served Louka Berman a search warrant and a fine for keeping a live raccoon in his Plateau apartment without a permit. Since the search, Berman and Pepper have been on the move around Montreal to prevent the raccoon from being seized and potentially euthanized, an outcome Berman fears due to the raccoon rabies outbreak in the province.