Pepe’s Spectacular 93% Surge, What Soaring Its Price?

In recent news, PEPE, a popular meme cryptocurrency, has been on an impressive winning streak. Over the past week, it has surged by a remarkable 93%, reaching a two-month high. The meme coin’s significant gains align with the broader market rally, ignited by Bitcoin’s climb above $35,000. 

New Token Burn Calms Concerns

At the beginning of the week, PEPE executed a substantial token burn. This strategic move was made to address concerns related to the token holdings of the PEPE team. With 3.79 trillion tokens in their possession, the team decided to reduce this number, reassuring the community. 

Such a large token supply would not have a significant impact if released into the market. This step was taken following unexpected transactions by three team members that involved moving Pepe tokens worth millions of dollars from the project’s multisig wallet.

PEPE has further bolstered its position by enlisting a fresh team of advisors who will guide its future trajectory. This strategic move was officially announced on Pepe X (formerly known as Twitter). 

The advisory team is actively exploring potential uses for the remaining 3.79 trillion tokens that still reside within the original team’s CEX multisig wallet. PEPE’s remarkable rally serves as a testament to the enduring influence and dynamism of meme coins within the cryptocurrency trading landscape.

Network Growth Fuels Momentum

Another significant factor contributing to PEPE’s substantial price surge is the rapid expansion of its network. According to insights from Santiment, a notable on-chain analytics firm, mid-cap cryptocurrencies like PEPE are experiencing significant growth in their networks. 

As the market sentiment has turned bullish, attracting trader’s attention to major cryptocurrencies like Bitcoin and Ethereum, mid-cap tokens like PEPE have seen a surge in network activity.

Santiment’s data reveals a noteworthy increase in the number of new addresses created daily within the mid-cap crypto category. This uptick in network activity aligns with PEPE’s notable price gains over the past 24 hours. 

Currently, PEPE was trading at $0.000001207, marking a price increase of 7.32% within that timeframe.