Pepe Price Prediction as 6.9 Trillion PEPE Coins Are Burned – Can PEPE Reach $1?
The team behind 2023’s most successful meme coin Pepe Coin (PEPE) just burnt tokens worth around $6 million, sending the PEPE price pumping more than 30% on Monday.
As per an announcement made on Pepe’s official X account, the team burnt 6.9 trillion tokens, as is verifiable via Ethereum blockchain scanning website Etherscan.
“A new team of advisors have been brought on to guide Pepe forward,” the tweet read, adding that “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”.
PEPE was last trading close to $0.0000010 per token, up close to 30% on the week, with the token also benefiting amid a Bitcoin-led rise in the broader market amid optimism about expected near-term spot Bitcoin ETF approvals in the US.
The token’s market cap was last around $377 million, making it the third largest meme coin by market capitalization.
In wake of the latest pump and amid the arrival of a new team to guide the project forward, Pepe Coin price predictions are likely to have turned much more bullish.
The Pepe project’s latest token burn and shift of leadership comes after rogue developers made off with millions of dollars’ worth of PEPE tokens out of the project’s main multi-signature wallet back in August, which caused a token price crash at the time.
The fact that the team only has 3.79 trillion tokens remaining (worth about $3.8 million) should ease concerns about more tokens being stolen and dumped on the market.
Indeed, Pepe has seen 24-hour trading volumes of over $460 million as per CoinGecko, so even if the team’s remaining $3.8 million worth of tokens was stolen, the market should be able to easily absorb this supply.
T
Read more on cryptonews.com
