Ripple’s Chief Technology Officer, David Schwartz, recently posted a cryptic image on Twitter that caught the attention of Pepe Coin enthusiasts. The image features a frog sitting in the middle of a lake surrounded by flowers, which holds significance for Pepe Coin, a popular memecoin inspired by the cartoon character Pepe.
This tweet sparked a surge in interest and investment in Pepe Coin, causing its value to rise significantly. In the past 24 hours alone, Pepe Coin has seen a surge of over 20%, and its value has increased by nearly 100% in the past week. This exponential rise can be attributed to a recent token burn announced by the team behind Pepe Coin. Approximately $6 million worth of assets were burned by sending them to an inaccessible address, effectively reducing the supply of Pepe Coin and potentially boosting its valuation.
The token burn mechanism, which is also adopted by other memecoin projects like Shiba Inu, aims to increase the scarcity of digital assets and drive their value up over time. This, coupled with the broader bullish trend in the cryptocurrency market, may explain the recent spike in Pepe Coin’s value. Just a few days ago, Bitcoin reached the significant milestone of $35,000 for the first time in 17 months. This surge in Bitcoin’s value was fueled by expectations that the SEC may soon approve BlackRock’s application to launch a spot BTC ETF in the US.
Overall, Pepe Coin’s recent growth can be attributed to multiple factors, including the mysterious tweet from Ripple’s CTO, the token burn announcement, and the bullish condition of the entire cryptocurrency market. As the crypto market continues to evolve, it will be interesting to see how memes and tweets can influence the value of digital assets.
Sources:
– [Twitter – David Schwartz’s Tweet](https://twitter.com/JoelKatz/status/1716924285833634042?ref_src=twsrc%5Etfw)
– [CryptoPotato – Token Burn Announcement](https://cryptopotato.com/heres-why-pepe-skyrocketed-over-30-today/)
– [CryptoPotato – Binance Free $100 Offer](https://cryptopotato.com/pl/binancebanner)
– [CryptoPotato – PrimeXBT Special Offer](https://cryptopotato.com/pl/primexbt2)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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