Amid a scandal involving the misappropriation of crypto assets by the developers of the meme cryptocurrency PEPE, the team burned 6.9 trillion tokens worth $5.5 million. The burned tokens account for 1.6% of the total volume of PEPE.
The decision to burn was made after a loud scandal at the end of this summer, when several former project participants stole funds from the team’s shared wallet and then left the project. They managed to gain access to a multi-signature wallet, after which they transferred the tokens to the OKX, Binance, Kucoin and Bybit exchanges.
Following the news of the flaring, PEPE rose 31%. Let us remind you that burning tokens is the transfer of a predetermined amount of tokens to a non-existent address, which permanently removes this volume of coins from circulation. The project team currently owns 3.7 billion tokens worth $3.72 million.
“We have brought on new strategic consultants to the team to move forward together. We are now considering using the team’s remaining 3.7 billion tokens to enter into partnerships and conduct marketing activities,” the team said in a statement.
PEPE caught the wave in early May. Then billionaire Elon Musk used the image of Pepe the frog from memes in a tweet about constitutional amendments, and the value of the token immediately soared by 50%. However, the rate of the “hype memcoin” fell by 47% a few days after it grew by 45%, and the capitalization exceeded $1 billion.
