Pepe (PEPE), which was launched in mid-April and attracted great attention, was listed by Binance in early May.
PEPE, which experienced a big jump in price with the listings and investor interest, subsequently experienced sharp and sharp declines.
However, PEPE seems to be reversing this situation with the rise it has experienced in the last 24 hours.
At this point, Pepe's official Twitter account announced in his post that 6.9 trillion (worth 5.5 million dollars) PEPE was burned.
Burned PEPE tokens amount to 1.6% of the total supply of the popular memecoin.
Burning permanently removes tokens from the supply and is done by sending them to an address that no one controls.
This token burn occurred after concerns were raised about the PEPE team's multi-signature wallet in August, and this burn brought a 31% increase in the PEPE price.
Because with this burning, concerns about the PEPE tokens in the team's possession have decreased, and according to the data, the PEPE team currently has 3.79 trillion PEPE (worth $3.72 million).
Pepe team included the following statements in their post:
“6.9T PEPE tokens worth approximately $6,000,000 were burned.
A new team of advisors has been appointed to take Pepe forward. “The remaining 3.79 tokens attributed to the original team CEX multi-signature wallet are currently being explored for use for strategic partnerships and marketing opportunities.”
PEPE is trading at $0.000000977 at the time of writing.
*This is not investment advice.