The creators of Pepe Coin (PEPE), the most popular meme coin of 2023, recently burned tokens valued at over $6 million, sending the price of PEPE surging more than 30% on Monday.
The crew burned 6.9 trillion tokens, according to a statement posted on Pepe’s official X account. This information can be confirmed using the Ethereum blockchain scanning tool Etherscan.
The tweet stated 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” and that “a new team of advisors have been brought on to guide Pepe forward.”
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PEPE was last trading at roughly $0.0000010 per token, up about 30% on the week. The token was also up in tandem with a surge in the overall market driven by Bitcoin due to excitement over anticipated near-term spot Bitcoin ETF approvals in the US.
As of right now, the token has a market valuation of over $377 million, placing it as the third-largest meme coin.
With the most recent pump and the addition of a new staff to steer the project in the right direction, Pepe Coin price projections are probably lot more optimistic now.
Following rogue engineers’ theft of millions of dollars’ worth of PEPE tokens from the project’s primary multi-signature wallet in August, which precipitated a spike in token prices at the time, the Pepe project recently underwent a token burn and a leadership transition.
The team’s remaining 3.79 trillion tokens, which are valued at around $3.8 million, should allay worries that additional tokens may be pilfered and sold.
The market should be able to take up this supply even if the team’s remaining $3.8 million worth of tokens were stolen, as Pepe has witnessed 24-hour trading volumes of over $460 million, according to CoinGecko.
This is encouraging for the token’s short-term price performance, since Pepe is probably going to keep rising in lockstep with the overall cryptocurrency market.
Is Pepe Coin (PEPE) Going to Hit $1?
Pepe may be in the early stages of a new bull market given how the whole market is currently surging.
Is it possible for the token to ever reach $1? Given that there are 4.2 quadrillion tokens—that’s correct, 4.2 thousand trillion—a $1 token price would require the market capitalization to reach $4.2 quadrillion.
The market value of the global real estate, stock, and government debt markets combined, not to include the cryptocurrency industry, is tenfold less than this market cap.
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