The price of Pepecoin (PEPE), has surged dramatically, doubling its market cap to $500 million within a week while hitting 155,000 holders.
The primary catalyst behind Pepecoin’s resurgence can be attributed to the broader cryptocurrency market’s uptrend, instigated by Bitcoin (BTC).
Bitcoin’s price surged past the $35,000 mark, creating a ripple effect throughout the crypto space. This momentum is largely fueled by the growing optimism that a spot Bitcoin ETF will soon gain approval in the United States.
The overall memecoin market has been buzzing with excitement due to traders speculating on the next big gains causing the market cap of memecoins to hit $16 billion, with a trading volume of $2.2 billion the past 24 hours at the time of writing.
A significant contributor to this recent surge in value for PEPE is a remarkable event that took place on October 24th.
Approximately $6 million worth of PEPE was intentionally burned, effectively reducing the available supply of the token. Resulting in an increase in demand, pushing the price higher.
In a similar vein, Uniswap creator Hayden Adams initiated a substantial token burn.
He destroyed nearly 99.99% of the token $HAY, an estimated value of approximately $650 billion at that time. This extensive reduction in token supply was so impactful that it drove the value of each coin to an astonishing peak of $5.5 million.
As reported previously on Coinlive, Memeland has concluded their fire sale on the $MEME token with 8,737 ETH ($15,619,609) in the bag
These memecoins, much like Pepecoin, have benefited from the broader positive sentiment in the cryptocurrency space. Memecoins continue to capture the attention of traders and investors. Wen bull?