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Pepe Memecoin Burns $5.5M Tokens Prompting 31% Rise
The token burn comes after concerns were raised over the team's multisig wallet in August.
Updated Oct 24, 2023, 10:42 a.m. Published Oct 24, 2023, 10:42 a.m.
The pepe memecoin [PEPE] bucked the trend of bitcoin [BTC] dominance over the past 24 hours, rising by 31% following a 6.9 trillion ($5.5 million) token burn.
Burning permanently removes tokens from supply and is done by sending them to an address not controlled by anyone.
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The popular frog-themed memecoin is now trading at a two-month high as the burn quells concerns over the team's token holdings. The team now holds 3.79 trillion tokens ($3.72 million), which would have minimal impact if sold on the open market as 24-hour trading volume has surged to $397 million, according to CoinMarketCap.
"A new team of advisors have been brought on to guide Pepe forward," a post on the pepe X (formerly Twitter) account said. "Uses for the remaining 3.79T tokens attributed to the original team CEX multi-sig wallet for strategic partnerships and marketing opportunities are currently being explored."
The decision to burn tokens came after a handful of rogue pepe developers executed a series of unexpected transfers out of the project's multisignature wallet, effectively stealing millions of dollars worth of pepe, as alleged by a team member.
The tokens burned equate to 1.6% of the memecoin's total supply.
The rise in PEPE coincided with bitcoin rallying to a 17-month high of $35,000, fueled by optimism around the potential approval of a spot exchange-traded fund (ETF).
Bitcoin dominance is at its highest point since April 2021, with the original cryptocurrency outpacing the majority of altcoins aside from pepe.
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