TL;DR
-
ICYMI: a few months ago, three members from the founding team of PEPE (the meme coin) made off with around $15M worth of PEPE tokens.
-
But now, the new team of advisors is trying to make good, by burning $5.5M worth of their remaining tokens, and reducing their bags down to $3.72M total.
-
It’s their way of saying “We have good intentions – and even if we don’t – we can’t do any damage with what’s left.”
Full Story
ICYMI: a few months ago, three members from the founding team of PEPE (the meme coin) made off with around $15M worth of PEPE tokens.
(Tokens that had been put aside to support and grow the project. Not cool!).
But now, the new team of advisors is trying to make good, by burning $5.5M worth of their remaining tokens, and reducing their bags down to $3.72M total.
Why destroy more than half of their remaining funds?
Because $3.72M can’t do much damage.
That is to say: if the team sold it all at once, the sell pressure wouldn’t affect PEPE’s price much (if at all).
It’s their way of saying “We have good intentions – and even if we don’t – we can’t do any damage with what’s left.”
Plus, added bonus for the remaining holders:
The whole process reduced the total supply of PEPE by 1.6%, and increased the token’s price by by 31%.
