- Memecoin PEPE surged nearly 50% in a week.
- PEPE burned 6.9 trillion tokens, likely contributing to its value increase, contrasting with Shiba Inu’s modest price rise post-burn.
- Anticipation of BlackRock’s BTC ETF approval in the US possibly influenced the crypto market’s rally.
The Massive Burn
Pepe Coin (PEPE), a memecoin that turned into a sensation earlier this year, has recently headed north again, hinting that the hype surrounding it has not completely evaporated. The asset has soared a whopping 33% for the past 24 hours (per CoinGecko’s data) and almost 50% on a weekly basis.
One reason behind the impressive price performance could be the burning program adopted by the memecoin project. The team behind PEPE announced on X (Twitter) that 6.9 trillion tokens (equaling $6 million at current rates) had been sent to an address that nobody could access.
Such burning mechanisms aim to make certain digital assets more scarce and potentially more valuable in time. Another memecoin project that has adopted that type of strategy is Shiba Inu. While its burn rate for the last 24 hours has jumped by over 400%, SHIB’s price has risen by only 4%.
The Overall Market Rally
Another factor attributing to PEPE’s surge could be the revival of the entire cryptocurrency market. Recently, the sector was infused with optimism that the potential approval of BlackRock’s application to launch a spot BTC ETF in the United States is just around the corner.
Moreover, the company’s product was listed with the Depository Trust & Clearing Corporation, which some considered the last step before the SEC’s long-awaited nod.
Those willing to find out more about PEPE’s birth and why it quickly made the headlines in the crypto space could take a look at our dedicated video below: