The wave of enthusiasm that swept over the meme coin market in the wake of the US presidential election seems to have hit pause—at least for one day.
Meme coin prices are down across nearly all of the biggest meme coins over the past 24 hours. $DOGE has lost 8.4%, $SHIB is down 5.7%, and $PEPE is down 2.5%.
However, that appears to have created opportunities for presale tokens like Pepe Unchained, which is seeing accelerated investment even as major tokens dip.
Let’s take a closer look at the state of the meme coin market today.
Meme Coins Pause Historic Run, But Gains Could Soon Resume
The decline in meme coin prices comes after a week of explosive gains and new all-time highs. Over the past 7 days—including today’s losses—$DOGE has a net gain of 84% and $PEPE has a net gain of 90%.
That means most meme coin traders are still sitting on a rich pile of gains, and may not be looking to sell at the first sign of trouble. That could prevent the dip from turning into a full-blown sell-off.
In addition, the fundamentals that drove the meme coin market higher this week in place. The most important change is the election of Donald Trump as US president.
Trump has promised to remove SEC Chair Gary Gensler, the archenemy of crypto who many think have held the industry back from reaching its full potential.
Robinhood and Coinbase seemingly made moves to defy Gensler in his waning days as SEC Chair by listing $PEPE earlier this week. Both platforms have largely stayed out of meme coin trading after being served lawsuits by the SEC for listing tokens that the agency considers securities.
Perhaps the most stark indication that regime change at the SEC is coming is a tweet from former chairman John Reed Stark calling for Gary Gensler’s immediate resignation.
In a follow-up comment, Stark also said that ‘the SEC’s crypto-enforcement wave (which has been extraordinarily successful in the Courts) should stop.’
Nah — I’m too old for trolling (and I don’t really know what “trolling” is anyway Eleanor). But I do know that the people have spoken and should be respected. The SEC’s crypto-enforcement wave (which has been extraordinarily successful in the Courts) should stop — and the SEC…
— John Reed Stark (@JohnReedStark) November 13, 2024
Greater access to meme coins for US traders could be a huge boost for the sector, enabling the flow of billions in new investment. So, it’s hardly a surprise that meme coins spent much of the week rallying to all-time highs.
It also suggests that today’s dip is likely a short-lived consolidation—and that meme coins could surge again very soon.
Pepe Unchained Rockets Past $30M in Presale as Launch Approaches
While top meme coins are pulling back, presale tokens are roaring forward. The dip appears to have encouraged a rotation into these up-and-coming meme coins, which have the potential to deliver massive returns when they list on exchanges.
One token that has earned massive attention from investors is Pepe Unchained, which has raised more than $31 million for a new meme-focused Ethereum Layer-2 blockchain.
The Pepe Unchained network claims it would offer faster transaction speeds and lower fees than existing Layer-2 solutions, making it ideal for fast-paced meme coin trading. The network will also serve as a launchpad for new tokens as it seeks to steal the meme generation crown away from Solana’s Pump.fun.
The project could hardly be better-timed: its new network will launch in the middle of the meme coin supercycle, providing a new home for meme coin developers and traders. All of the activity on Pepe Unchained will require the project’s native $PEPU token, which is poised to soar in value as a result.
In fact, some analysts have singled out $PEPU as the next meme coin to explode, predicting major gains after launch.
Investors don’t have much time remaining to get in on the Pepe Unchained presale—it ends in just 27 days.
This could be one of the biggest meme coin launches of 2024, and interested users should not miss this final opportunity to grab $PEPU before it hits exchanges.
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