- Pepe Token developers initiate sweepstakes for Binance Earn users.
- The $505,000 on-chain transfer followed an official 𝕏 statement by developers.
- PEPE’s price movement draws similarities to the 6.9T burn reaction.
Pepe Token developers bewildered the crypto community with a 418.4 billion $PEPE transfer to Binance Earn in the early hours of Monday. The transaction equals $505,000, while PEPE devs are planning to use the crypto funds to reward Binance users “through various campaigns over the coming months”.
The 418.4B $PEPE transfer assisted the frog-themed meme coin in breaking the phased consolidation of its market value. Pepe embarked on an instantaneous 6.3% run after developers shared the announcement on 𝕏, previously known as Twitter. Following the news, $PEPE reclaimed the #99 spot by global market capitalization, now closely approaching rival memecoin ApeCoin (APE) .
PEPE Demonstrates Signs Of Resurgence
The latest developments caused an uptick in Pepe’s hourly charts, evident in the 6.3% run for $PEPE. At press time, $PEPE trades at $0.00000120, according to CoinGecko. Adding $30M in market capitalization over the last 24 hours $PEPE reclaimed confluent resistance, a move reminiscent of its powerful run in October.
Last month, the ‘Uptober’ rally was marked with significant gains for top meme coins. However, the catalyst for PEPE’s 109% monthly surge was not just the positive sentiment around the Bitcoin ETF. On October 24, 2023, PEPE developers burned a staggering 6.9 trillion PEPE tokens, valued at approximately $5.83 million USD.
According to blockchain records, the PEPE developer team still holds a remaining balance of 3.21T PEPE coins, currently worth just under $4 million. While this also could be used for onboarding activities like sweepstakes and giveaways, PEPE developers didn’t disclose their plans with the remaining 3.21 $PEPE in the team’s multi-signature cryptocurrency wallet.
On The Flipside
- On Monday, the PEPE community celebrates #FREEPEPE Day, which gathers together meme and crypto enthusiasts to protest GIPHY’s decision to remove Pepe the Frog from its emoji database.
- PEPE developers have previously withdrawn $16M in PEPE from the same multi-signature crypto wallet, causing an instant 21.9% dump for $PEPE token at the time.
Why This Matters
PEPE token is one of the most watched newcomer altcoins, clinching a $1 billion market cap in two weeks since launch earlier this year.
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