- Pepe coin’s price spiked following the developers’ transfer of 418.4 billion PEPE tokens to Binance and a significant token burn earlier in the month.
- The Pepe community celebrated “#FREEPEPE Day”, protesting Pepe’s removal from GIPHY, alongside other initiatives contributing to the coin’s price rise.
Pepe Coin Gains Traction with Developer Activities and Community Engagement
The Pepe coin ecosystem recently witnessed several impactful developments, leading to a notable increase in its price. The developers’ team behind Pepe coin has been actively involved in significant token movements and burns, which have contributed to the cryptocurrency’s rising value.
Major Token Movements Impacting Price
In a recent event, the Pepe coin developers deposited 418.4 billion PEPE tokens, worth around $0.50 million, to Binance-earn as part of a reward distribution for upcoming campaigns. This move came amidst a phase where Pepe coin was experiencing consolidation.
Earlier, on October 24, 2023, the developers executed a major burn of PEPE tokens, transferring 6.90 trillion tokens, valued at $7.01 million, to a burn address. This action led to a significant rally in the coin’s price, breaking resistance and reaching a new monthly high. The team still holds 3.80 trillion PEPE tokens, roughly worth $4 million.
Sale and Subsequent Rally
The monthly update also revealed that the team sold over 169.8 billion PEPE tokens for $0.20 million on October 27. Although the enthusiasm fueled by the burn and token movements cooled down afterward, these actions have played a crucial role in influencing the coin’s market dynamics.
Celebrating #FREEPEPE Day
The Pepe community, along with entities like Ledger, celebrated “#FREEPEPE Day” to address the three-year absence of the beloved Pepe meme from the GIPHY platform. The movement criticizes GIPHY’s decision to censor and remove Pepe, advocating for free expression on digital platforms.
Collaborations and Initiatives
In support of this movement, Ledger announced plans to launch a limited edition Pepe ledger nano, collaborating with a Pepe artist. Such community-driven initiatives have added to the positive sentiment around Pepe coin.
Market Response and Future Outlook
During the writing of this article, Pepe Coin was trading at $0.000001198, marking a 4.73% increase over the past 24 hours. Its trading volume also saw a significant jump. Despite bearish on-chain and technical signals, the coin’s price correlation with Bitcoin and recent developments indicate a positive trend.
Pepe Coin’s recent surge in price is a direct result of strategic actions by its developers and vibrant community initiatives. The coin’s performance demonstrates the impact of token movements, burns, and community-led events on the valuation and perception of cryptocurrencies in the market. As Pepe Coin navigates its future, these factors will continue to play a pivotal role in its growth trajectory.