The price of Pepe Coin jumped over 4% when the developers deposited billions of PEPE tokens as part of the Free Pepe Day Campaign. This move by the developer team contributed to the surge in Pepe Coin’s value.
The team behind Pepe Coin recently added a substantial amount of tokens, precisely 418.4 billion PEPE tokens valued at $0.50 million, according to on-chain analytics firm Spotonchain. The official X account of Pepe confirmed that these tokens were sent to Binance-earn to reward users, with plans to distribute the rewards for participating in upcoming campaigns, as announced by the Pepe community.
Interestingly, this token transfer occurred at a time when Pepe Coin was facing challenges in breaking out of a consolidation phase.
Pepe Coin’s Strategic Moves: Burn and Rally
On October 24, 2023, the Pepe Coin development team executed a significant token burn, transferring a substantial 6.90 trillion PEPE tokens—equivalent to $7.01 million—to the burn address. Despite this burn, the team still holds 3.80 trillion PEPE tokens, valued at approximately $4 million.
This move triggered a remarkable 30% rally for PEPE on the same day, breaking resistance and reaching a new monthly high of $0.00000134.
The monthly update further revealed that the team sold over 169.8 billion PEPE for $0.20 million on October 27 at $0.0000015. However, the initial rally, fueled by the burn and community enthusiasm, gradually cooled down thereafter.
FREEPEPE Day Celebrations in Pepe Community
The Pepe community, joined by notable entities like Ledger, is joyfully celebrating “Free Pepe Day” on Mondays. This movement aims to address the three-year absence of Pepe, the beloved meme, from the popular GIF-sharing platform GIPHY. The controversial decision by GIPHY to censor and remove Pepe from its extensive GIF directory prompted the community to commemorate Pepe’s global recognition and advocate for free expression.
The community strongly asserts, “Pepe is Love. Pepe is Art. This censorship is unjustified,” emphasizing that a globally cherished meme like Pepe should not face limitations on platforms that celebrate free expression.
In a significant show of support, hardware wallet manufacturer Ledger confirmed the upcoming launch of a limited edition Pepe Ledger Nano, collaborating with one of the Pepe artists.
The culmination of positive events on this special day led to a notable 6% surge in Pepe Coin’s price. Although the price correlation with Bitcoin stands at a commendable 0.75, both on-chain and technical signals currently indicate a bearish trend.
As of the latest update, Pepe Coin is trading at $0.000001198, reflecting a 4.73% surge over the past 24 hours, while its one-day volume has surged by an impressive 97.21% to $98.9 million.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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