The Pepecoin team announced that they have burned 6.9 trillion $PEPE tokens, equivalent to $6.7 million. Following the announcement made overnight, Pepecoin saw an increase in value of over 20%, due to both the token burning and positive movements in Bitcoin. Currently priced at 0.00000095 $, $PEPE’s value increase over the past 24 hours stands at 47%.
Along with the announcement, the team stated they are researching potential uses in strategic partnerships and marketing for the remaining 3.79 trillion ($3.72M) $PEPE tokens in their possession after the burn.
However, not everything is as bright. In August, Pepecoin experienced a sudden 20% drop in value. According to the team’s statement, during that period, three former core team members stole tokens worth $16 million from PEPE’s multisig wallet.
In summary, $PEPE, inspired by the Pepe the Frog meme, has been making an impact in the cryptocurrency headlines since its launch, showing both bullish and bearish movements. Initially priced at $260, the value of $PEPE had reached up to $8 million in just a few days.