Following a token burn and the addition of new advisors, Pepecoin's market cap doubles to $500 million, mirroring the success of other memecoins like Dogecoin and Shiba Inu.
The memecoin, Pepecoin (PEPE), has seen its market cap double in just a week, reaching a staggering $500 million. This significant increase can be related to traders' anticipation of a bitcoin spot ETF-induced bull market. The coin has experienced a significant rise in trading volume and on-chain activity, with over 155,000 individual wallets now holding the coin.
The recent surge in Pepecoin's value can be attributed to a token burn that alleviated fears of a rogue developer potentially selling tokens on the open market. This move has not only boosted the coin's value but also its credibility among investors.
In a move that further boosted its market value, Pepecoin recently burned $5.5 million worth of tokens. This action led to a 50% rally in the coin's value. Alongside the token burn, Pepecoin also announced the addition of new, yet-to-be-revealed advisors to its team.
With the original team's holdings reduced, there is speculation among investors about potential further pumps. However, the coin's somewhat shady history has made some traders hesitant to buy into the pump.
Pepecoin's success is not an isolated incident in the memecoin sector. Other memecoins, such as Dogecoin and Shiba Inu, have also experienced notable rallies. This positive performance in the memecoin sector comes as bitcoin surged to a 16-month high and optimism grows for the approval of a spot ETF in the U.S.
Despite the volatility and unpredictability of the cryptocurrency market, the recent success of memecoins like Pepecoin, Dogecoin, and Shiba Inu suggests that there is still significant interest and potential for growth in this sector.