The eccentric meme-inspired cryptocurrency PEPE saw its token price surge over 28% in the last 24 hours following a major token burn and strategic pivot by the project’s team. The coin briefly breached strong resistance level at $0.0000001, hitting 2-months high.
The pseudonymous PEPE developers burned nearly $6 million worth of PEPE, removing it from circulation. This massive burn of 6.9 trillion reduced the total supply by over 40%, according to Colin Wu.
Soon after, PEPE’s official Twitter account announced that a new team of advisors had been brought on to guide the project’s future direction. The remaining 3.79 trillion PEPE held by the original developers will be used for “strategic partnerships and marketing opportunities,” they noted.
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The token burning and change in management appear to have reignited interest in the volatile meme coin. PEPE prices shot up 38% in last seven days, far outpacing the broader crypto market’s gains.
PEPE first exploded onto the scene in early 2023 when it soared over 600x in value in the midst of last year’s meme coin mania. However, like other hyper-speculative assets, it crashed dramatically when crypto markets turned bearish.
While meme tokens are notoriously unpredictable, PEPE’s latest revival demonstrates there remains an active community of buyers attracted to its eccentric nature. With the more serious project changes underway, some analysts believe PEPE could be poised for another viral rally.
However, skeptical observers warn that fundamental value remains low, and urge potential buyers to exercise caution with such a speculative, trend-driven asset. The coming days will reveal whether PEPE’s surge has true staying power or is merely another short-term spike.
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