The popular pepe memecoin (PEPE) has rallied to a two-month high after burning 6.9 trillion tokens worth $5.5 million. The move caused the price to jump 31% over the last 24 hours.
Keypoints
- The pepe memecoin (PEPE) burned 6.9 trillion tokens worth $5.5 million, causing the price to rise 31%.
- Burning tokens permanently removes them from circulation and was done to quell concerns over the team’s multisig wallet.
- The team now holds 3.79 trillion tokens worth $3.72 million, which is a small portion of daily trade volume.
- The burn comes after controversy in August when developers allegedly stole millions from the project’s multisig wallet.
- The rise coincided with bitcoin rallying to $35k, fueled by optimism around a potential spot ETF approval.
- The 1.6% total supply burn has pushed the memecoin to a two-month high.
The token burn was conducted to permanently remove tokens from circulation and ease concerns around the…
