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