The cryptocurrency market, including PEPE, is on the rise as Bitcoin rebounds and surpasses the $35,000 mark. This upward momentum appears to have encouraged investors to get into meme coins, which are characterized by their social appeal rather than intrinsic utility.
Extraordinary rally in PEPE meme coin
One of the meme coins enjoying this upward wave is Pepe (PEPE), known for its frog-themed motif. Over the last 24 hours, PEPE has increased by an impressive 30%. Accordingly, the increase indicates a frenzy in on-chain trading activities. Even more surprising is that PEPE achieved a staggering 93% price increase last week, reaching a two-month high.
While the exact catalyst for this surge is elusive, there are several potential factors contributing to cryptocurrency PEPE’s recent price increase.
PEPE token burn eases concerns
At the beginning of the week, PEPE initiated a token burn, eliminating 6.9 trillion tokens. This strategic move helped alleviate concerns regarding the team’s token holdings. Following the burn, the team now holds 3.79 trillion tokens. This also means a significant decrease compared to the previous amount. Since they hold fewer tokens, the impact of selling them on the open market is less of a concern.
The decision to burn tokens came after a series of unexpected transactions by three Pepe team members from the project’s multisig wallet, resulting in the embezzlement of millions of dollars worth of Pepe tokens. The cryptocurrency burning signaled a determination to address these issues.
Discovering new consultants and their usage areas
Meme coin PEPE has also embraced change with the introduction of a new team of advisors. This transition was announced on the Pepe X (formerly Twitter) account. The new team is actively exploring potential applications for the remaining 3.79 trillion tokens in the original team’s CEX multisig wallet. This innovative approach demonstrates PEPE’s adaptability and forward-looking strategy.
Another factor likely contributing to PEPE’s remarkable price increase is significant network growth. Accordingly, investors are initially looking at Bitcoin and Ethereum during the market’s rise. However, mid-cap cryptocurrencies like PEPE are experiencing significant network expansion.
What does the centiment data say?
Santiment, an on-chain analysis firm, highlighted the significant increase in the daily creation of new addresses for this category of crypto assets. Additionally, PEPE is also witnessing a surge in newly created wallets as its price rises. According to CoinMarketCap data, PEPE increased by 20.32% in the last 24 hours, reaching $0.00000121.
When we look at it as Kriptokoin.com, PEPE’s impressive rise in recent days draws attention. It also demonstrates the resilience of meme coins in the ever-changing cryptocurrency landscape. On the other hand, there are factors such as token burns, new consulting teams and increased network growth. Accordingly, all of this has made the meme a major player in the current market resurgence for the coin. As it continues to ride its upward wave, meme coin is making a compelling case for its place in the crypto world.
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