Retail investors are piling back into meme coins – sending prices soaring.
From DOGE to BRETT, the sector is seeing an explosive rally to end October on a high.
Meanwhile, the new meme coin Pepe Unchained (PEPU) is making its own headlines, passing $23 million in ICO funding as traders rush to get involved early.
Meme Coins Surge as Market Cap Hits $62.4B
Meme coins are back, with the market turning green as their combined market cap jumped 9% to $62.4 billion.
Trading activity only adds to the story, as spot volumes are up 67% to $9.6 billion in the past day.
Clearly, retail traders are flocking to gain exposure.
DOGE is leading the way with a 13% rally, while POPCAT isn’t far behind, up 12%.
Nearly every major meme coin is in the green, with only GOAT and BABYDOGE seeing slight dips in an otherwise upbeat market.
This surge isn’t out of the blue.
Earlier this month, CryptoQuant CEO Ki Young Ju forecasted a spike in Google searches for meme coins in October – and he was right.
With retail interest building and prices rising, the meme coin season that traders have been waiting for might finally be underway.
Bitcoins Rally Sparks Meme Coin Uptrend as Traders Seek Big Gains
The meme coin sector seems to be benefiting from Bitcoin’s bullishness.
With Bitcoin now above $71,000 and analysts tossing around six-figure price predictions, the appetite for risk in crypto is heating up.
This follows a familiar pattern: when Bitcoin rallies, retail investors often get more adventurous with their portfolios.
Fresh money flows into the market, with investors hunting for the next breakout star.
Meme coins, with their potential for huge gains, naturally catch the eye of these investors.
A swing target can also be determined by projecting the Nov 2022 low to Mar 2024 high upwards from Aug 2024 low as shown also on log scale
For now I think this is a stretch
My rule is one target at a time
2/3
pic.twitter.com/MrMbYzU91t — Peter Brandt (@PeterLBrandt) October 29, 2024
With veteran traders like Peter Brandt setting BTC targets as high as $235,000 and others aiming for $150,000 by late 2025, the buzz around the crypto market might just be getting started.
This could lead to what traders call a “meme coin supercycle.”
A supercycle is an extended period during which prices consistently trend upwards, often fueled by FOMO, new capital, and bullish market sentiment.
Such an environment usually sees certain coins explode in a short period.
So, with DOGE and POPCAT already rallying, the sector could soon attract even more interest.
Pepe Unchained Raises $23M & Promises High-Speed Blockchain Just for Meme Coins
The bullish conditions have given Pepe Unchained’s ICO a major lift.
It has now raised over $23 million in early funding as traders rush to snag PEPU tokens at a fixed price.
Much of the hype around Pepe Unchained is due to its unique setup: it offers a Layer-2 network just for meme coins.
If you’ve ever swapped tokens on Ethereum, you’ll know that gas fees can often eat into trading profits.
Pepe Unchained’s team aims to fix that by creating a “fast lane” for meme coins.
They promise a network that can process transactions 100 times faster than Ethereum’s mainnet while slashing fees to a fraction of their usual cost.
But speed isn’t Pepe Unchained’s only draw.
The team is building an entire ecosystem, including a “double staking” app and a developer grants program to attract new projects.
Pepe Unchained’s staking app is particularly appealing since it offers 100% APYs.
This mix of meme appeal and utility is helping the project go viral.
YouTuber ClayBro, who has over 130,000 subscribers, released a video over the weekend where he claimed PEPU could “lead the $1 trillion meme coin supercycle.”
Of course, that’s just one person’s opinion.
But given that Pepe Unchained’s Twitter page now has over 41,000 followers, this project might have just the right mix of hype and substance to explode once launched.
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