Pepe Coin Burns Through Meme Coin Competition With Massive 50% Monthly Surge
By Benzinga
Frog-based meme coin, Pepe is the 83rd largest cryptocurrency with a current market cap of $453.8 million, and is the third-largest meme coin.
What Happened: Data from LookOnChain indicated a whale spent 617 ETH (around $1.11 million) for purchasing 996 billion PEPE (CRYPTO: PEPE) tokens in the past two days. This whale has also spent significant amounts on some major cryptocurrency trades during the year.
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Price Action: In the past month, meme coin PEPE skyrocketed 50%. The price surge occurred in the midst of a token burn event where developers burned $5.5 million worth of tokens, accounting for 6.9 trillion PEPE, CoinDesk reported. This takes the Pepe team holdings to 3.79 trillion tokens ($3.72 million), thereby having a minimal impact if sold on the open market.
The decision came on the heels of a group of rogue Pepe developers stealing millions of dollars worth of PEPE through a series of unexpected transfers, CoinDesk reported.
Why It Matters: In the last week of October, PEPE announced a new team of advisors on board to guide the token forward. Strategic partnerships and marketing opportunities are currently being explored.
Coin Edition reports that based on technical analysis, PEPE’S daily chart shows a price drop is likely in the upcoming few days.
Benzinga’s Future Of Digital Assets Event in New York scheduled on Nov.14. Attend and learn more about memecoins and their recent dominance in the market. The gathering is seen as pivotal for the digital assets’ community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.
Now Read: Why Seasonal Tokens Are A Potentially Safer Bet Than Memecoins Like PEPE, Shiba Inu & Dogecoin
Photo: Shutterstock
