Memecoins
Pepe Down 20% As Meme Coins Plummet – Could Pepe Unchained Be An Alternative?
The meme coin market is in trouble, with Pepe (PEPE) leading the way.
PEPE fell more than 20% last week, sending shockwaves throughout the crypto community.
Amidst all this chaos, a new project called Pepe Unchained (PEPU) is still going strong.
It promises to shake things up with a Layer 2 scaling solution designed exclusively for meme coins.
PEPE falls to new lows as investors hope for rebound
It was a difficult week for PEPE holders.
The token suffered a serious drop and is now trading around the $0.0000095 level.
This is a 21% drop since Monday, pushing the PEPE to levels not seen since May 20.
And the technical aspects of PEPE aren’t very pretty.
The token is on track for a fourth consecutive day in the red, and if things continue like this, there will be five bearish weekly closes out of the last six.
But some investors choose not to abandon the PEPE altogether.
There may be a silver lining on the horizon: the daily chart is approaching oversold territory.
Additionally, despite the fall in PEPE, spot volumes continue to increase, up 36% in the last 24 hours.
Could this be retail traders preparing for a sharp rebound?
There is no way to know at this point, but given PEPE’s history of wild price swings, an aggressive move back into the green certainly cannot be ruled out.
Meme Coin Market Crashes as All Major Tokens Go Into the Red
It’s not just PEPE who’s feeling the heat: the entire meme coin market is on fire right now.
And not in a good way.
Market capitalization has fallen off a cliff, drop to $42 billion during the past day.
In addition, the volume of spot transactions is decreasing, reaching only $5.1 billion.
All the big names are struggling, with Dogecoin, Shiba Inu and Dogwifhat falling more than 7%.
But if you think it’s bad, take a look at Popcat.
This cat-themed token has lost 17% of its value since yesterday, now hovering around $0.425.
The only meme currency that hasn’t completely capitulated is Mog Coin, which is barely managing to keep its head above water.
So what’s behind this massive sell-off?
It seems to be related to Bitcoin’s price issues.
Currently, Bitcoin is in a strong downtrend, with more than 260 million dollars in long liquidations over the last 24 hours.
When Bitcoin struggles, meme coins tend to take a hit.
Only time will tell if these coins can rebound, but for now, it’s clear that the bears are in control.
Pepe Unchained Defies Bearish Trend With New Layer-2 Blockchain for Meme Coins
While the old guard of meme coins is taking a hit, there is a new token that is still going strong.
Pepe Unleashed isn’t this an average meme coin that relies on social media hype?
Beneath its hilarious exterior lies some serious technology.
Here’s the deal: The Pepe Unchained team is building a new layer-2 blockchain, tailor-made for meme coins.
Think of it as an express tunnel for joke tokens, bypassing Ethereum’s congestion and sky-high gas fees.
According to Pepe Unchained White PaperThis new network will be about 100 times faster than Ethereum.
And since fees will be much lower, this could open up a new world of possibilities for meme coin traders.
But there is more.
The developers also created a “double staking” application which offers estimated annual returns of 846%.
This is exponentially higher than the market average.
Thanks to these eye-catching features, Pepe Unchained’s pre-sale was an instant success, raising over $2.2 million in three weeks.
20% of the 8 billion tokens provided have been reserved for presale investors, ensuring the community has a significant stake in the future of Pepe Unchained.
This setup seems to be turning heads, with over 4,800 people already following the project. Twitter page.
The native token PEPU was even ranked number two on CoinSniper.net.
With all the buzz going around, it looks like Pepe Unchained might be on the rise while former meme stars take a hit.
Disclaimer: The above article is sponsored content; it is written by a third party. CryptoPotato does not endorse or take responsibility for the content, advertising, products, quality, accuracy, or other elements of this page. Nothing contained herein should be construed as financial advice. Readers are strongly advised to independently and carefully verify the information before engaging with any company or project mentioned and to do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decision that may or may not be based on the above sponsored content.
Readers are also advised to read CryptoPotato Full Disclaimer.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (all the details).
LIMITED OFFER 2024 on BYDFi Exchange: Up to $2,888 Welcome Reward, use this link to register and open a position of 100 USDT-M for free!