Pepe (PEPE) has defied Bitcoin's dominance with a 31% surge following the burning of 6.9 trillion tokens worth $5.5 million. This token burn effectively removed tokens from circulation, quelling concerns about the project's token holdings. The Pepe team, in response to unauthorized transfers, also welcomed new advisors to guide the project's future direction. The rise in PEPE coincided with Bitcoin reaching a 17-month high of $35,000, driven by optimism surrounding the potential approval of a Bitcoin ETF.
Meanwhile, an anonymous cryptocurrency whale, known as @9x9x9eth, made headlines by acquiring nearly two trillion PEPE tokens, shifting from their history as a long-term SushiSwap (SUSHI) holder. This move, worth $1.42 million, raised eyebrows as @9x9x9eth had previously invested over $10 million in Ethereum to purchase SUSHI. The whale had also unstaked 2.46 trillion SUSHI tokens worth $2.12 million earlier in the year. This acquisition adds intrigue to the volatile world of meme coins. PEPE, inspired by Pepe the Frog memes, gained popularity but differs from other meme coins by lacking specific utility, such as the Layer-2 blockchain launched by SHIB.
Pepe (PEPE) Surges 31% After Dramatic Token Burn and Management Shakeup
In a surprising turn of events, PEPE managed to defy the dominant trends set by BTC over the past 48 hours, surging by an impressive 31%. This remarkable upswing in value came on the heels of a dramatic token burn, during which a staggering 6.9 trillion tokens, worth approximately $5.5 million, were permanently removed from circulation. Token burns involve sending coins to an address that is not controlled by any individual or entity, effectively taking them out of circulation and reducing the overall supply.
The Pepe meme coin, known for its distinctive frog-themed branding, is now trading at a two-month high following this significant development. The token burn not only had an immediate positive impact on PEPE's price but also eased concerns surrounding the management of the project's token holdings. At present, the Pepe team holds approximately 3.79 trillion tokens, valued at approximately $3.72 million.
In an official statement posted on the official Pepe X page, the team announced the recruitment of a new set of advisors who will play a pivotal role in steering the meme coin into the future. The statement read, "A new team of advisors have been brought on to guide Pepe forward. Uses for the remaining 3.79 trillion tokens attributed to the original team CEX multi-sig wallet for strategic partnerships and marketing opportunities are currently being explored."
The decision to initiate the token burn was triggered by a series of unexpected transfers from the project's multisignature wallet, executed by what the team alleges to be rogue developers. These unauthorized transfers effectively resulted in the theft of millions of dollars worth of PEPE. To mitigate the damage and restore confidence among the community, the team opted to burn tokens equivalent to 1.6% of the total supply.
The surge in PEPE's value coincided with Bitcoin's own rally, as the leading cryptocurrency reached a 17-month high, touching the $35,000 mark. This upward momentum in the cryptocurrency markets was fueled by growing optimism surrounding the potential approval of a spot exchange-traded fund (ETF) for Bitcoin.
The Pepe meme coin, while initially established as a meme-inspired digital asset, has gradually evolved to incorporate a wider range of use cases. With the recent changes in management and the reduction in token supply, the project appears to be gearing up for further development and strategic partnerships.
As the cryptocurrency market continues to evolve, PEPE’s ability to adapt and navigate through challenges, such as the recent token theft and subsequent token burn, serves as a testament to the resilience of meme-inspired cryptocurrencies and their unique place in the broader digital asset ecosystem. Investors and enthusiasts will undoubtedly keep a close watch on PEPE's journey in the days and weeks to come.
Anonymous Whale Acquires Massive Stake in PEPE Amidst Volatile Market
In a surprising turn of events, a mysterious and influential cryptocurrency whale, known by the handle @9x9x9eth, recently made waves in the cryptocurrency community by accumulating a substantial amount of the trendy meme coin, PEPE. According to a recent post shared by the "Smart Money" tracking platform Lookonchain, this enigmatic whale acquired nearly two trillion PEPE tokens, sparking intrigue and speculation in the cryptocurrency sphere.
Lookonchain’s post shed light on the identity of this anonymous whale, revealing that the individual boasts an impressive following of over 100,000 users on the X social media app. Notably, this whale has a history of being a long-term holder of SushiSwap (SUSHI), having invested more than $10 million in Ethereum to purchase SUSHI when it was trading at just under $10 per coin over the past two years.
The latest move by @9x9x9eth involved the purchase of 1.89 trillion PEPE tokens, which amounted to a significant expenditure of 851 ETH, equivalent to approximately $1.42 million. However, the acquisition of PEPE was not without its share of challenges, as Lookonchain noted that this whale had "lost a total of ~$30M in SUSHI including all CEX buys."
Furthermore, this whale had unstaked a massive 2.46 trillion SUSHI tokens, valued at $2.12 million, on 4 June this year. The comprehensive financial history revealed by Lookonchain showed that in 2021 and 2022, the same whale purchased 1.28 million SUSHI coins on Binance, spending $9.6 million on them. Additionally, the whale spent 3,160 ETH, equivalent to $11.04 million, to acquire 900,000 SUSHI tokens, which were valued at approximately $9.46 each at the time.
This recent acquisition of PEPE by @9x9x9eth marks a notable shift in strategy, moving away from SUSHI holdings to embrace the vibrant and unpredictable world of meme coins. It remains to be seen how this whale's investment in PEPE will unfold and whether it will yield the same level of returns as their previous ventures.
PEPE, launched in April of this year by an anonymous team of developers, has garnered significant attention due to its unique inspiration – Pepe the Frog memes that have become popular on the internet. The coin quickly gained viral status and secured listings on various prominent exchanges, including Binance, where it was added to the Innovation Zone. In early May, PEPE reached an all-time high price of $0.000004354.
However, experts in the cryptocurrency space have noted that PEPE differs from other meme coins like SHIB, DOGE, or BabyDoge, as it appears to lack specific utility purposes. Unlike SHIB, which launched the Layer-2 blockchain Shibarium in August this year, PEPE has yet to release additional products or platforms associated with the coin.
The cryptocurrency market remains a dynamic and unpredictable environment, and the actions of influential whales like @9x9x9eth continue to be a source of fascination and intrigue for both cryptocurrency enthusiasts and market analysts. As PEPE experiences fluctuations in its value and adoption, the community eagerly anticipates the next chapter in the meme coin's journey.
PEPE was one of the few cryptocurrencies that was able to achieve a gain over the past 24 hours, and was up 0.97%. This boosted its price to $0.000000963 at press time. It was also able to strengthen against the market leader Bitcoin (BTC) during the same period, and had a 1.63% lead against BTC.
Price chart for PEPE (Source: CoinStats)
The latest increase in price added to PEPE’s positive weekly performance as well. As a result, the meme coin was up more than 52% over the past 7 days. Its price was also able to increase around 44% throughout the past month.