Pepe Memecoin Rises 31% After $5.5 Million Token Burn

According to CoinDesk, the pepe memecoin [PEPE] experienced a 31% increase in value over the past 24 hours, following a 6.9 trillion ($5.5 million) token burn. The burn, which permanently removes tokens from supply, has led to the popular frog-themed memecoin trading at a two-month high. The pepe team now holds 3.79 trillion tokens ($3.72 million), which would have minimal impact if sold on the open market as 24-hour trading volume has surged to $397 million, according to CoinMarketCap.A new team of advisors has been brought on to guide Pepe forward, with potential uses for the remaining 3.79 trillion tokens being explored. The decision to burn tokens came after a series of unexpected transfers out of the project's multisignature wallet by rogue pepe developers, effectively stealing millions of dollars worth of pepe, as alleged by a team member. The tokens burned equate to 1.6% of the memecoin's total supply.The rise in PEPE coincided with bitcoin rallying to a 17-month high of $35,000, fueled by optimism around the potential approval of a spot exchange-traded fund (ETF). Bitcoin dominance is at its highest point since April 2021, with the original cryptocurrency outpacing the majority of altcoins aside from pepe.