David Schwartz, the Chief Technical Officer of Ripple, has sparked a rising interest in the minds of PEPE coin holders. This pertains to an X, formerly Twitter, post that David shared on his profile recently. It was a depiction of a frog sitting in the middle of flowers in a lake. The community believes this is a sign of support from Ripple’s CTO, likely to lead to a stronger token valuation.
However, two more factors are pitching into the bullish sentiments. These are:
- Token burning
- Rise in BTC valuation
There is no doubt that Bitcoin leads the sphere fearlessly, largely reflecting what the crypto market is capable of. If BTC rises, there is a high probability that other tokens will rise, too. For instance, ETH has surpassed the milestone of $1,500, while BTC is now way above $30k.
PEPE is reported to have experienced a jump of 20% in the last 24 hours and ~100% on a weekly basis. The community is now crediting David for the rise as other factors silently do what they do best and pull the market upward. Assuming the bullish trend is sustained for a longer time, PEPE coin price prediction estimates that the native token could end the current year at a valuation of $0.0000023. There is a possibility that PEPE will carry forward the momentum and jump to $0.0000032 by the end of 2024.
The team behind PEPE has burned 7 billion assets that were worth $6 million, more or less, at the time of the execution of the process. Tokens were sent to an address that no one could access.
Simply put, the team has burned the token and is now hoping for the scarcity to restore the value of everyone’s holdings. Burning mechanisms are generally associated with lowering the number of tokens that are in supply, making them scarce so that their valuation rises amid the rising demand.
This is easy to explain: the demand for, say, a hundred tokens among ninety users will be lower if the buyer has a strong negotiating position with the supplier. However, with 60 tokens and the same number of users, not everyone will have access to the supply. Thus lowering their negotiating position and retaining the offer’s value more effectively.
Bitcoin has gotten a boost with the rumors that the SEC could approve the application of BlackRock for Spot Bitcoin ETF (Exchange Traded Fund). The tentative date is in the first half of January 2024. Nonetheless, speculation has created a rising interest in the minds of investors looking forward to having a proper way of diverting their funds into digital assets.
PEPE has a long way to go before it inches closer to $1. But this is a start that the community is willing to have, especially those with long-term portfolios.