Ripple’s Chief Technology Officer – David Schwartz – posted a somewhat mysterious picture on X (Twitter) that caused PEPE bulls to chip in.
The reason behind their activity is the fact that the image depicts a frog sitting in the middle of a lake surrounded by flowers. Recall that Pepe Coin (PEPE) is a popular memecoin inspired by the eponymous cartoon.
— David “JoelKatz” Schwartz (@JoelKatz) October 24, 2023
The asset has been on a massive uptrend lately, surging more than 20% in the past 24 hours and nearly 100% on a weekly basis.
The exponential rise could be attributed to the substantial token burn that the team behind PEPE announced. Earlier this week, almost 7 billion assets (equaling $6 million at the time) were sent to an address that nobody could access.
Such burning mechanisms (adopted by other memecoin projects like Shiba Inu) aim to make certain digital assets more scarce and potentially boost their valuation in time.
Another factor that might play a role in PEPE’s recent spike could be the bullish condition of the entire cryptocurrency market. A few days ago, Bitcoin (BTC) tapped the coveted level of $35,000 for the first time in 17 months, boosted by expectations that the SEC may soon say “yes” to BlackRock’s application to launch a spot BTC ETF in America.
