Pepe Memecoin Outshines Bitcoin With a 31% Surge Following a Major Token Burn
Despite the limelight on Bitcoin, the frog-themed Pepe Memecoin stole the spotlight with a 31% price surge. This was triggered by a 6.9 trillion token burn, causing a significant increase in trading volumes and a renewed interest in cryptocurrencies.
Bitcoin has been enjoying its time in the spotlight, but an unexpected player, Pepe Coin, has swiftly stolen the show. Within just 24 hours, PEPE has witnessed a significant surge of 31.34%, surpassing major cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and Shiba Inu.
PEPE’s trading volume experienced a remarkable 172% increase, reaching a notable $303 million. The majority of this activity occurred on Binance, with over $90 million in trades, and Kucoin, with over $17 million. In the same timeframe, other cryptocurrencies also recorded gains; Dogecoin and Shiba Inu’s prices increased by 6.2% and 5.6%, while Bitcoin and Ethereum saw gains of 13.5% and 10.4% respectively.
Bitcoin’s value spiked on October 23, surging over 13% from $31,000, briefly touching $35,000, and eventually settling at $34,672. This rally sparked a wider market surge, impacting various altcoins and meme coins, including PEPE.
The cryptocurrency market is witnessing a surge, aligned with a renewed interest in spot ETFs and a significant increase in trading volumes across various markets. This coincides with developments surrounding BlackRock’s proposed spot Bitcoin ETF.
At the time of writing, PEPE is trading at $0.0000009696, reflecting a 31.34% increase in the last 24 hours. This isn’t solely due to market trends; the PEPE team burned 6.9 trillion tokens ($5.5 million), easing concerns over their token holdings and leaving them with 3.79 trillion tokens ($3.72 million). This burn, equating to 1.6% of PEPE’s total supply, was in response to rogue developers stealing millions from the project’s wallet.
A new advisory team is now onboard to guide Pepe Coin forward, planning to utilize the remaining 3.79 trillion tokens for strategic partnerships and marketing. Amidst the crypto rallies, PEPE’s rise aligns with Bitcoin hitting a 17-month high of $35,000, driven by optimism around spot ETF approvals, and placing Bitcoin’s dominance at its highest since April 2021.
