Can it break the $0.1 threshold?
PEPE, a cryptocurrency with a somewhat humorous name, has gained fame due to internet memes. However, its current price is exceptionally low, still far from $0.1. Yet, if we discuss it from the perspective of token burning, could there be a possibility to turn around PEPE's price?
As of December 2024, PEPE's price is only $0.00001898, with a circulating supply of 420.69 trillion tokens and a market cap of approximately $7.98 billion. To make PEPE's price reach $0.1, its market cap would need to soar to an astonishing number—$42.07 trillion—exceeding the size of the entire cryptocurrency market, highlighting the immense difficulty.
However, burning tokens might provide a glimmer of hope for PEPE's price. By reducing the number of tokens in circulation, scarcity can be created, thereby driving up the price. If PEPE's supply could be reduced to 1 trillion tokens, it would only require a market cap of $100 billion for the price to reach $0.1. Compared to the current situation, this goal is clearly more realistic and feasible.
However, token burning is not an easy task. It requires continuous implementation and widespread community support. Additionally, as a meme token, PEPE's price is often more influenced by market sentiment rather than simple supply and demand. Therefore, while burning tokens may help boost the price, how the market reacts remains to be seen.
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