Pepe, a frog-themed memecoin, has seen a significant price increase of 31% in the past 24 hours, reaching a two-month high of $0.00098 per token. The surge was triggered by a massive token burn that removed 6.9 trillion tokens, worth $5.5 million, from the total supply.
The token burn was announced by the Pepe team on their Pepe X account. They said that the burn was done to address the concerns over the team’s token holdings, which were reduced to 3.79 trillion tokens, worth $3.72 million.
Pepe Recovers From Previous Controversy
The team also said that they have brought on a new team of advisors to guide Pepe forward and explore strategic partnerships and marketing opportunities. The token burn comes after a controversy in August when some rogue developers allegedly stole millions of dollars worth of Pepe from the project’s multi-signature wallet.
The company claimed that they had recovered most of the stolen funds and had taken measures to prevent such incidents in the future.
The actions taken by the developers of PEPE to address the concerns of the community and enhance trust have had a significant effect, as evidenced by PEPE’s exceptional performance in the wider cryptocurrency market in the last 24 hours. As a result of these actions, the memecoin is now trading at levels not seen since the beginning of September.
Pepe is a memecoin that was inspired by the popular internet meme of a green frog with various expressions. The project aims to create a decentralized community of pepe enthusiasts and collectors, who can use the token to buy and sell digital artworks featuring pepe on the pepe marketplace.
Pepe’s price rally coincided with Bitcoin’s surge to a 17-month high of $35,000, driven by optimism around the potential approval of a spot exchange-traded fund (ETF). Bitcoin dominance has reached its highest level since April 2021, outperforming most altcoins except for Pepe.
Pepe has a market capitalization of $98 million and a 24-hour trading volume of $397 million, according to CoinMarketCap. The token is available on several exchanges, including Binance, Uniswap, and PancakeSwap.
