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PEPE, a frog-themed cryptocurrency, has risen dramatically in the past 24 hours. Pepe was up 32.16% in the last 24 hours to $0.0000009746 at the time of writing and gained 46.65% over the last seven days.
The crypto token has seen a 213% increase in 24-hour trading volumes, with $407 million traded within this period.
According to on-chain analytics firm Santiment, meme coins are returning to traders' minds as altcoins gain from fund redistribution as Bitcoin rises. PEPE was among the top gainers in the most recent altcoin breakout, according to Santiment.
Bullish catalysts for PEPE's rise may have emerged as a result of the latest attempt to reduce the total PEPE supply through burning, among other developments.
The PEPE team recently tweeted that 6.9 trillion PEPE tokens worth roughly $6,000,000 had been burned.
Following the transfer of 16 trillion PEPE tokens to exchanges in August, which drew a lot of attention, Pepe relocated the remaining 10.69 trillion PEPE to an address outside of its initial multi-sig wallet. Thus, after burning 6.9 trillion PEPE, the PEPE team now owns 3.79 trillion PEPE, valued at $3.72 million.
PEPE stated in a tweet to its community that a new team of advisors had been brought on to take Pepe forward. The remaining 3.79 trillion tokens assigned to the original team's CEX multi-sig wallet are also being explored for partnerships and marketing opportunities.
PEPE said it would keep its community up to date on any future burns, moves, or usage of these tokens. Meanwhile, PEPE holders are advised to be wary of anyone claiming to be a member of the PEPE team or new advisors on X or Telegram.
This is because there will certainly be many imposters and bad actors attempting to defraud unwary users. In light of this, it encourages individuals to be cautious and protect their assets.
PEPE maintains that it has no giveaways, staking or rewards, and nothing users would ever need to click a link for, connect their wallet to or sign for.
Denys Serhiichuk
Gamza Khanzadaev
Godfrey Benjamin
