Pepe (PEPE) and DogWifHat (WIF) have faced pressure in the past few days, dropping significantly as investors opt to take profits.
Meanwhile, new coin Pepe Unchained (PEPU) is telling a different story – with its presale fast approaching the $24 million milestone.
Meme Coin Market Sells Off as PEPE & WIF Suffer Losses
It’s been a crazy period for meme coins, and this week has been no exception.
After a string of gains, both PEPE and WIF have taken a hit since Wednesday.
PEPE’s price is down 9%, while WIF has been less fortunate, falling by almost 11%.
However, the pain hasn’t stopped there.
Even bigger names like DOGE and SHIB, along with smaller coins like POPCAT, haven’t been immune to the bearishness.
These drops have brought the total meme coin market cap down to $60 billion, and traders are now trying to figure out what’s next.
Was this just a breather after a bullish streak, or is something more alarming on the horizon?
Legendary meme coin trader Murad believes it’s the former.
He tweeted earlier this week that we are still in the “early stages” of the meme coin supercycle.
Market Jitters & Liquidation Woes Hurt Bitcoin’s Progress
It’s not just meme coins like PEPE and WIF that have taken a hit.
Bitcoin has also struggled in the past few days and is now hovering around $70,100 after dropping as low as $68,800 earlier today.
That’s a 4% drop from Tuesday’s high.
This drop has made things rough for those using leverage, as over $76 million in long positions were liquidated in just the past day.
A few things are putting a dampener on the market.
Coinbase released a poor quarterly earnings report that missed the mark on profit and revenue, which worried traders.
The company’s stock price has fallen 19% in the past three days.
Then there’s the political space; according to Polymarket, Trump’s chances of winning the election have dropped to 61%.
This drop has everyone on edge because Trump is considered the more “pro-crypto” of the two candidates.
All of this uncertainty isn’t just affecting crypto.
The S&P 500 took an almost $800 billion hit yesterday, which was the biggest drop since September.
These factors help explain why meme coins like PEPE and WIF have been struggling.
Pepe Unchained Breaks the Mold & Rallies Towards $24M as Presale Hype Continues
Despite the challenging conditions, one new project is still going strong – Pepe Unchained.
The project’s presale is nearing the $24 million milestone, and PEPU tokens are still on offer for just $0.01199 each.
One of the main reasons for the hype is Pepe Unchained’s tech plans.
These plans involve creating a Layer-2 blockchain just for meme coins called Pepe Chain.
Pepe Chain will be all about making life easier for traders.
It promises to offer transactions 100 times faster than Ethereum can provide and gas fees that won’t eat into trading profits.
However, the team isn’t stopping there.
They’re also building an ecosystem with bridging capabilities, their own DEX, and even a block explorer.
This kind of utility has people buzzing on social media, especially on Twitter and Telegram.
Pepe Unchained will also feature a dedicated staking app.
This app provides 98% APY yields for PEPU holders – and has already seen over 1.6 billion tokens staked.
That’s a vote of confidence from investors, even when the market looks rough.
Adding to the project’s appeal is that it has been ranked second on CoinSniper.net.
All of these factors have combined to help Pepe Unchained avoid the downturn that has affected other meme coins like PEPE and WIF.
Plus, with the presale nearing another key milestone, investors seem to be betting big on this Layer-2 project’s prospects.
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