Cryptocurrency

Pepe Coin Soars As Devs Deposits Over 400 Bln PEPE To Binance – Crypto News

Published

1 year ago

November 20, 2023

Dripp

The developer’s team behind Pepe coin recently added 418.4 billion PEPE tokens worth $0.50 million, as per on-chain analytics firm Spotonchain. As confirmed by the official X account of Pepe, the tokens were sent to Binance-earn to reward users. “We will distribute the reward for participating in the upcoming campaigns,” stated the Pepe community.

Notably, the transfer came when the Pepe coin was struggling to break the consolidation phase.

Recent Developments in the Pepe Coin Ecosystem

Previously, on 24 Oct 2023, the Pepe coin dev team executed a significant burn of PEPE tokens. The team transferred a staggering 6.90 trillion PEPE tokens, equivalent to $7.01 million, to the burn address.

According to reports, the team still retains 3.80 trillion PEPE tokens, valued at approximately $4 million. This made PEPE rally over 30% on the same day breaking the resistance and reaching a new monthly high of $0.00000134.

Additionally, the monthly update showed that the team sold over 169.8 billion PEPE for $0.20 million on October 27 at $0.000001₅. However, the rally fuelled by burn and enthusiasm cooled down afterward.

Also read: Whale Moves 25 Mln XRP As Community Initiatives Drive Price Surge

Pepe Community Celebrates #FREEPEPE Day

The enthusiasm not only circles around burns and massive deposits but also a great celebration day. The Pepe community along with famous firms like Ledger celebrates the “free Pepe Day” on Monday.

The movement aims to address the three-year-long absence of Pepe, the beloved meme, from the popular GIF-sharing platform GIPHY. Three years ago, GIPHY made the controversial decision to censor and remove Pepe from its extensive GIF directory, leaving a noticeable void for users seeking easily searchable Pepe gifs.

“Pepe is Love. Pepe is Art. This censorship is unjustified,” emphasized the community in their statement. The members believe that Pepe, being a globally recognized and cherished meme, should not be subjected to limitations on platforms that celebrate free expression.

To support to moment further, hardware wallet manufacturing firm Ledger confirmed that they will soon be launching a limited edition Pepe ledger nano collaborating with one of the Pepe artists.

All the positive things in one day made the price jump over 6%. The Pepe coin price correlation with Bitcoin stands at 0.75, which is considered as good. However, the on-chain signals as well as technical signals are both bearish.

During writing, the Pepe Coin price was trading at $0.000001198, with a 4.73% surge over the past 24 hours, while its one-day volume soared 97.21% to $98.9 million.

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