The team behind 2023’s most successful meme coin Pepe Coin (PEPE) just burnt tokens worth around $6 million, sending the PEPE price pumping more than 30% on Monday.
As per an announcement made on Pepe’s official X account, the team burnt 6.9 trillion tokens, as is verifiable via Ethereum blockchain scanning website Etherscan.
“A new team of advisors have been brought on to guide Pepe forward,” the tweet read, adding that “uses for the remaining 3.79T tokens attributed to the original team CEX multi-sig wallet for strategic partnerships and marketing opportunities are currently being explored”.
PEPE was last trading close to $0.0000010 per token, up close to 30% on the week, with the token also benefiting amid a Bitcoin-led rise in the broader market amid optimism about expected near-term spot Bitcoin ETF approvals in the US.
The token’s market cap was last around $377 million, making it the third largest meme coin by market capitalization.
In wake of the latest pump and amid the arrival of a new team to guide the project forward, Pepe Coin price predictions are likely to have turned much more bullish.
Price Prediction – Where Next for Pepe Coin (PEPE)?
The Pepe project’s latest token burn and shift of leadership comes after rogue developers made off with millions of dollars’ worth of PEPE tokens out of the project’s main multi-signature wallet back in August, which caused a token price crash at the time.
The fact that the team only has 3.79 trillion tokens remaining (worth about $3.8 million) should ease concerns about more tokens being stolen and dumped on the market.
Indeed, Pepe has seen 24-hour trading volumes of over $460 million as per CoinGecko, so even if the team’s remaining $3.8 million worth of tokens was stolen, the market should be able to easily absorb this supply.
That bodes well for the token’s near-term price performance, with Pepe likely to also continue rallying in tandem with the broader crypto market.
Technicals are also going strongly in PEPE’s favor.
The cryptocurrency broke above a downtrend that has been in play going all the way back to July on Monday.
If it can also get above its 100DMA at $0.00000094, then the door is open for a near 2x rally back to the summer highs in the $0.19 area.
Can Pepe Coin (PEPE) Reach $1?
With the broader market pumping, Pepe could be in the early stages of a new bull market.
Could the token ever reach as high as $1?
Well, seeing as there are 4.2 quadrillion tokens (that’s right, 4.2 thousand trillion), a token price of $1 means the market cap would have to reach $4.2 quadrillion for a $1 token price to be achieved.
This is a market cap that is exponentially higher than the market capitalization of the world’s entire real estate, stock and government debt markets, let alone the crypto market.
So its not feasible.
But that doesn’t mean Pepe can’t reclaim the status it held for a short period of time as being a meme coin worth more than $1 billion.
Crypto Alternatives to Consider
Things are looking good for Pepe Coin (PEPE).
But for those looking for an even better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here