The PEPE development team recently burned 6.9 trillion coins, which were valued at around $5.5 million. This burn caused the price of the coin to rise by up to 31%. The goal of the burn was to alleviate community concerns about the team’s coin holdings after a multi-signature wallet controversy last August, where some developers were accused of stealing millions of dollars worth of the coin. After the burn, the team was left with 3.79 trillion coins, a small amount compared to the daily trading volume, which reassures investors that the price is stable.