PEPE’s Spectacular 93% Surge: What’s Soaring Its Price?
PEPE, a popular meme cryptocurrency, has recently experienced an impressive winning streak. In the past week alone, it has surged by a remarkable 93%, reaching a two-month high. This surge aligns with the broader market rally triggered by Bitcoin’s climb above $35,000.
New Token Burn Calms Concerns
To address concerns related to the token holdings of the PEPE team, a substantial token burn was executed at the beginning of the week. The team decided to reduce their possession of 3.79 trillion tokens, reassuring the community.
If released into the market, such a large token supply would not have a significant impact. This decision was made following unexpected transactions involving moving Pepe tokens worth millions of dollars from the project’s multisig wallet by three team members.
Furthermore, PEPE has strengthened its position by enlisting a fresh team of advisors, as officially announced on Pepe X (formerly known as Twitter). The advisory team is actively exploring potential uses for the remaining 3.79 trillion tokens in the original team’s CEX multisig wallet.
Network Growth Fuels Momentum
The rapid expansion of PEPE’s network is another significant factor contributing to its substantial price surge. Insights from Santiment, an on-chain analytics firm, reveal that mid-cap cryptocurrencies like PEPE are experiencing significant growth in their networks.
As market sentiment turns bullish and traders focus on major cryptocurrencies like Bitcoin and Ethereum, mid-cap tokens such as PEPE are witnessing increased network activity. Santiment’s data shows a notable rise in daily new addresses created within the mid-cap crypto category, aligning with PEPE’s price gains over the past 24 hours.
Currently, PEPE is trading at $0.000001207, reflecting a 7.32% price increase within that timeframe.
Hot Take: The Rise of Meme Coins Continues
PEPE’s remarkable rally serves as evidence of the enduring influence and dynamism of meme coins within the cryptocurrency trading landscape. Despite their origins as light-hearted internet memes, these coins have captured the attention of investors and traders due to their potential for significant gains. As long as market conditions remain favorable and network growth continues, meme coins like PEPE may continue to soar in value.
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