Bitcoin (BTC) meme season explodes as Bitcoin Pepe (BPEP) token presale nears its end

Whale activity is exploding across multiple altcoins, and the patterns indicate a broader alt season in the making.

Shiba Inu (CRYPTO: SHIB)‘s burn rate spiked an incredible 11,000% in 24 hours as 28 million SHIB tokens were removed from circulation, according to FXLeaders.

This comes as a report from ChainArgus revealed that Shiba Inu's Shibarium layer-2 network is currently struggling to handle a high volume of transactions smoothly.

Shiba Inu price is currently trading at $0.00001407, up 0.21% in the last 24 hours.

What Happened: Shiba Inu's price has dropped around 5% recently, now trading just above $0.00001400.

Despite this, 14 million SHIB tokens were burned in a single day as part of a deflationary measure to reduce the token's supply. However, this failed to boost Shiba Inu's price.

The report highlights that while the intent behind the burning initiative is admirable, it might not be the optimal strategy for increasing the token's value.

The price action suggests that Shiba Inu faces ongoing challenges despite the project's continued development.

The community is also showing strong loyalty with over 1.13 million addresses holding SHIB for over a year, according to CoinDesk.

Also Read: Despite Recent Price Drop, Is Now A Good Time To Buy Shiba Inu?

Why It Matters: As the cryptocurrency market continues to be volatile, investors are keeping an eye on interesting developments in the crypto space.

While Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have been the major cryptocurrencies, meme coins like Shiba Inu and Floki (CRYPTO: FLOKI) have also gained attention for their unique characteristics.

With its playful essence and potential for rapid price movements, meme coins have captured the imagination of investors, leading to significant interest in projects like Bitcoin Pepe.

The token is being PEP-20 standard on Bitcoin, enabling users to create and trade memes directly on the Bitcoin blockchain. This is the first project of its kind.

The presale is in its final stages with smart money investors getting involved. The opportunity to join is closing as it will soon be listed on major exchanges like ByBit and OKX.

"Bitcoin Pepe (BPEP) is a groundbreaking initiative that introduces a novel PEP-20 token standard, enabling the creation and deployment of tokens directly on the Bitcoin blockchain," the company said in a statement.

This innovation stands in stark contrast to the ERC-20 standard used for tokens on the Ethereum blockchain.

Bitcoin Pepe's technology facilitates transactions at a rate of thousands per second through its layer 2 solution, in comparison to Bitcoin's inherent limitation of seven transactions per block, which translates to approximately one transaction every ten minutes.

The project is also integrating with Plena Finance for DeFi liquidity and GETE Network for Bitcoin gaming to multiply its utility.

"The project has already secured partnerships with Chainlink, BTC maximalists, and prominent crypto figures like Ben Armstrong and Hunter Bivas, showcasing its broad appeal and potential for widespread adoption," the company added.

The Bitcoin Pepe presale is in its final stages with all staking pools sold out and yields ranging from 75% to 10,000% APY. The presale saw over $1m in funding in 24 hours.

"The project is set to be listed on major exchanges following the presale completion, providing a unique opportunity for investors to participate in the meme coin frenzy on the world's largest cryptocurrency."