The Team behind Pepe Coin (PEPE) Burns $6 Million Worth of Tokens
The team behind Pepe Coin (PEPE), one of the most successful meme coins of 2023, recently burned tokens worth around $6 million. This move caused the price of PEPE to surge by more than 30% on Monday.
According to an announcement made on Pepe’s official account, the team burned 6.9 trillion tokens, which can be verified through the Ethereum blockchain scanning website Etherscan.
The tweet also mentioned that a new team of advisors has been brought on board to guide Pepe forward. The remaining 3.79 trillion tokens from the original team will be used for strategic partnerships and marketing opportunities.
Currently, PEPE is trading close to $0.0000010 per token, experiencing a 30% increase over the week. The token’s market cap stands at approximately $377 million, making it the third largest meme coin by market capitalization.
Price Prediction – Where Next for Pepe Coin (PEPE)?
The recent token burn and change in leadership for the Pepe project follow an incident in August where rogue developers stole millions of dollars’ worth of PEPE tokens from the project’s main wallet, causing a price crash.
With only 3.79 trillion tokens remaining (worth about $3.8 million), concerns about additional token theft and dumping on the market have been eased. The high trading volumes of over $460 million in the past 24 hours indicate that the market can absorb this supply.
From a technical standpoint, PEPE has broken above a downtrend that has been in place since July. If it can surpass its 100DMA at $0.00000094, it may rally back to the summer highs of around $0.19.
Can Pepe Coin (PEPE) Reach $1?
While Pepe Coin’s current bullish momentum suggests the start of a new bull market, reaching a token price of $1 seems unfeasible due to the vast number of tokens in circulation. With 4.2 quadrillion tokens, achieving a market cap of $4.2 quadrillion for a $1 token price is exponentially higher than the combined market capitalization of real estate, stock, and government debt markets.
However, this doesn’t mean Pepe can’t regain its status as a meme coin worth over $1 billion.
Crypto Alternatives to Consider
If you’re looking for even better chances of near-term gains, consider getting involved in crypto presales. These involve buying tokens from upstart crypto projects to support their development. Presale investments have historically delivered exponential gains to early investors, especially when backing projects with strong teams and revolutionary visions.
Check out this list of 15 recommended crypto presales for 2023.
Hot Take: The Future of Pepe Coin (PEPE)
The recent token burn and change in leadership have injected renewed optimism into Pepe Coin’s future. With reduced concerns about token theft and favorable technical indicators, PEPE could continue to rally alongside the broader crypto market. While reaching $1 per token seems unlikely given the massive number of tokens in circulation, Pepe has the potential to regain its status as a meme coin worth over $1 billion.
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