Meme coin PEPE surges! PEPE brings in new advisory team, burns six trillion tokens

On 10/24, Bitcoin surged to 35K. Among the top 100 cryptocurrencies by market capitalization, the highest gainers were: MINA, launched by the South Korean exchange Upbit with a Korean won trading pair, and the meme coin PEPE. On the same day, the meme coin PEPE burned tokens worth up to 6 million USD.

On 10/24, PEPE gained nearly 19% in a single day among the top 100 cryptocurrencies by market capitalization.

Meme Coin PEPE Brings in New Advisors, Destroys Large Amount of Tokens

The Twitter account of the meme coin PEPE announced on 10/24 that a group of new advisors has joined to lead PEPE forward. Currently, 6.9 trillion tokens, equivalent to about six million US dollars, have been destroyed. Additionally, 3.79 trillion tokens from the team's multi-signature wallet will be used for strategic partnerships and marketing purposes.

6.9T $PEPE Tokens worth ~$6,000,000 have been burned. https://t.co/aN5LRUFz8u

A new team of advisors have been brought on to guide Pepe forward. Uses for the remaining 3.79T tokens attributed to the original team CEX multi-sig wallet for strategic partnerships and marketing… pic.twitter.com/JN3ssvH0XL

— Pepe (@pepecoineth) October 24, 2023

Meme Coin PEPE Previously Involved in Dumping Scandal

Previously, there was an incident where the PEPE team dumped tokens worth millions of dollars, causing PEPE to plummet by nearly 20%. The founder's controversial history was exposed, sparking widespread discussions. However, the official PEPE Twitter account released a statement after the token dumping incident, indicating that the official multi-signature wallet was exploited by rogue team members who attempted to shift blame, but the community seems to think otherwise.

At that time, the official PEPE Twitter account expressed the intention to destroy the remaining tokens in order to lead PEPE towards true decentralization.