PEPE Price Soars by 20% as Pepecoin Team Burns 6.9 Trillion Tokens

Crypto News- The PEPE token has recently experienced a significant surge in response to recent developments. In the past 24 hours, its price has seen an impressive increase of 20%, with current trading values at $0.0000008, according to reports from CoinGecko.

PEPE Price Soars by 20% as Pepecoin Team Burns 6.9 Trillion Tokens

However, this resurgence was not without its challenges. Towards the end of August, the price of the meme coin took a sharp nosedive, declining by 20%. This decline was attributed to the actions of former team members who orchestrated the withdrawal of a staggering 16 trillion tokens, equivalent to approximately $15 million in value, from a multi-signature wallet. These tokens were subsequently liquidated on centralized cryptocurrency exchanges, leading to a significant drop in the coin’s value.

Furthermore, in the turbulent month of September, just a few weeks after the incident involving the theft of tokens from the multi-signature wallet, misfortune struck once again. Attackers successfully breached a Telegram channel dedicated to the enthusiastic PEPE community and its hype. To compound the issue, they compromised the administrator’s account, effectively taking control of a channel that had been integral to the PEPE community. It’s important to note that these attackers had no affiliation with the PEPE project, which made it an even more disheartening setback for the token’s enthusiasts and investors.”