Pepe Coin experienced a spike in prices as the project developers deposited billions of PEPE into Binance.
The tokens were sent to Binance-earn to reward users amid the Free Pepe Day Campaign.
Pepe Coin (PEPE) is up by nearly 5 percent in the last 24 hours. The spike follows a large deposit on Binance by developers amidst the Free Pepe Day Campaign. The 400 billion PEPE tokens as per on-chain analytics firm Spotonchain, are worth $0.50 million. The tokens have been sent to Binance-earn to reward destined to gift loyal traders.
“We will distribute the reward for participating in the upcoming campaigns,” stated the Pepe community. At the time of press, PEPE is trading for $0.000001191 with its volume surging by more than 95 percent in the last 24 hours. The campaign has received significant attention from some of the biggest crypto firms like Ledger celebrating “Free Pepe Day” on Monday.
This comes just a few weeks after the Pepe coin dev team executed a monumental burn of PEPE tokens. On October 24th, the team transferred a staggering 6.90 trillion PEPE tokens (worth around $7 million) to the burning wallet. Burning of tokens artificially creates scarcity which will ideally boost value due to a reduced supply.
The Pepe community has joined the community in calling for the freedom of PEPE on GIPHY. The platform wrote on the X platform;
We have noticed some $PEPE community members posting that today is #FREEPEPE day and we would like to join 3 years ago, @GIPHY chose to censor and remove Pepe from their GIF directory. Today, we are still missing easily searchable Pepe gifs on X. There are simple ways around this, like searching “pepeee”, but we would like this to change. It only seems right to #FREEPEPE and get the worlds most recognized meme freed to spread joy and humor across the worlds most widely used free speech platform. Pepe is Love. Pepe is Art. This censorship is unjustified. Tag @GIPHYand spread the word, it’s time to #FREEPEPE
In addition to the recent developments, PEPE continues to ride on the wider bullish momentum led by Bitcoin (BTC). Since its launch, PEPE has been lauded as one of the most popular memecoins. Some investors believe that the token could one day surpass Dogecoin (DOGE) and Shiba Inu (SHIB). With a market cap of $500 million, the digital asset ranks 88. Its rivals DOGE and SHIB rank 9th and 19th respectively.
Related: Pepe Coin Surges Over 50%: Outperforms DOGE and SHIB in Memecoin Rally
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