Following a 6.9 trillion ($5.5 million) token burn, the value of the pepe memecoin [PEPE] has increased by 31% during the last 24 hours. The popular frog-themed memecoin is currently trading at a two-month high as a result of the burn, which permanently eliminates tokens from supply. As the 24-hour trading volume has increased to $397 million, the pepe team currently possesses 3.79 trillion tokens ($3.72 million), which would have little effect if sold on the open market.
To help Pepe move forward, a new group of advisors has been hired, and various applications for the 3.79 trillion tokens that remain are being investigated. As claimed by a team member, rogue pepe engineers made a number of unexpected transfers out of the project’s multi-signature wallet, thereby stealing millions of dollars’ worth of pepe. This led to the decision to burn tokens. 1.6% of the memecoin supply was destroyed in the form of tokens burned.
PEPE increased at the same time that bitcoin surged to a 17-month high of $35,000 on hope that a spot exchange-traded fund (ETF) would be approved. The original cryptocurrency is surpassing most altcoins with the exception of pepe, reaching its highest level of domination since April 2021.