Pepecoin Team Destroys 6.9 Trillion Tokens

The Pepecoin project team has burned 6.9 trillion tokens, which equates to approximately $6 million in value.

According to an announcement on X (formerly Twitter), the team is now considering using the remaining 3.79 trillion PEPE tokens for strategic partnerships and launching new marketing campaigns.

This token burn has been independently verified by the analytics platform Etherscan.
In response to this development, the price of PEPE tokens has shown significant growth, increasing by 20% in the last 24 hours. According to the latest data from CoinGecko, PEPE tokens are currently trading at $0.0000008.

This price rebound comes after a turbulent period at the end of August, when the meme coin experienced a sharp 20% drop in value. The primary catalyst for this decline was the actions of former team members who withdrew a staggering 16 trillion tokens worth approximately $15 million from a multi-signature wallet and subsequently liquidated them on centralized exchanges.

In another blow to the Pepecoin community, a Telegram channel dedicated to the meme coin hype was compromised in September. The attackers gained access to the administrator account, even though they had no connection to the PEPE project.

Despite these challenges, the Pepecoin project team has demonstrated resilience and determination to revitalize the value of the token through recent token burns and future strategic initiatives. The subsequent price increase means renewed investor confidence in the potential of the project.