The pepe memecoin (PEPE) bucked the trend of bitcoin (BTC) dominance over the past 24 hours, rising by 31% following a 6.9 trillion ($5.5 million) token burn. Burning permanently removes tokens from supply and is done by sending them to an address not controlled by anyone. The popular frog-themed memecoin is now trading at a two-month high as the burn quells concerns over the team's token holdings. The team now holds 3.79 trillion tokens ($3.72 million). The decision to burn tokens came after a handful of rogue pepe developers executed a series of unexpected transfers out of the project's multisignature wallet.
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