On October 24, PEPE’s team reported on burning 6.9 trillion tokens in its official X (formerly Twitter) account. At that time, the total value of the burnt tokens was roughly $6 million. Amid the news, PEPE’s rate spiked by 30%. The project’s team is now looking for new partnerships.
Pepe is a memecoin. Such coins are based on popular internet memes. Memecoins’ developers usually do not create new technical solutions. Their rate depends on demand: the more hype, the higher the price tag. If you have not heard about the PEPE token that was on fire in the spring of 2023, read our article PEPE mania 2023: what's wrong with memecoins.
Details of 6.9T PEPE burn
On October 23, at 11:32 PM (UTC), the PEPE team burned 6.9 trillion coins ($6M at that time). There are now approximately 3.79 trillion PEPEs left on that address. As for the current price, that is more than $4 million.
Half an hour after, the developers tweeted about the burn, revealing that they had hired new advisors. Moreover, they noted that they are thinking about using remaining tokens "for strategic partnerships and marketing opportunities".
At the end of August, there was a conflict in the PEPE team, and almost 16 trillion tokens were withdrawn to CEXs. Then, the price reacted with a dump. However, this time, the price has pumped.
PEPE’s price reaction on 6.9T burn
In the 15-minute chart below, you can see how the price rose from $0.0000008 to $0.00000104 after the tokens were burned. However, since the publication of that tweet, it has fallen slightly and is now continuing its local rally. Today, the price reached $0.00000125, hitting the highest point since August 17.
As a reminder, the all-time high (ATH) was seen at $0.000004354 on May 5. It is almost 4 times higher than the current price. According to CoinMarketCap, PEPE's market capitalisation is standing at $441 million, and the coin is ranked 84th.
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PEPE mania 2023: what's wrong with memecoins
