Why Pepe meme coin burned $5.5M Tokens 🚨🚨
Over the past 24 hours,
the Pepe meme coin (PEPE) has defied the dominance of Bitcoin (BTC) by experiencing a 31% surge in price following a token burn of 6.9 trillion ($5.5 million).
The token burn involves permanently removing tokens from circulation by sending them to an address not controlled by anyone.
This action has allayed concerns over the team's token holdings, leading to PEPE trading at a two-month high.
The team currently holds 3.79 trillion tokens ($3.72 million), which would have minimal impact if sold on the open market due to the surge in 24-hour trading volume, which now stands at $397 million according to CoinMarketCap.
The decision to burn tokens was prompted by a series of unexpected transfers executed by rogue developers who allegedly stole millions of dollars worth of Pepe from the project's multisignature wallet.
The tokens burned represent 1.6% of the memecoin's total supply.
The rise in PEPE coincided with Bitcoin rallying to a 17-month high of $35,000, driven by optimism surrounding the potential approval of a spot exchange-traded fund (ETF).
$BTC $PEPE
