Pepe Memecoin Rises 31% Following $5.5 Million Token Burn

According to CoinDesk, the pepe memecoin (PEPE) has risen by 31% in the past 24 hours, following a 6.9 trillion ($5.5 million) token burn. The burn has permanently removed tokens from supply, sending them to an address not controlled by anyone. The frog-themed memecoin is now trading at a two-month high, as the burn has eased concerns over the team's token holdings. The 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, as stated in a post on the pepe X (formerly Twitter) account. The remaining 3.79 trillion tokens attributed to the original team CEX multi-sig wallet are being explored for strategic partnerships and marketing opportunities. The decision to burn tokens came after a few rogue pepe developers executed unexpected transfers out of the project's multisignature wallet, 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.