The meme coin market is taking a big hit, with Pepe (Pepe) leading the decline.
In the past week, PEPE has dropped by more than 20%, causing shockwaves throughout the crypto community.
Amidst all the chaos, a new project called Pepe Unchained (PEPU) is still performing well, promising to change the status quo with a second-layer scaling solution designed specifically for meme coins.
Investors are hoping for a rebound, as the Political Figures Index hits a new low.
For holders of the Political Figures token, it has been a challenging week. The token has plummeted, currently trading at around $0.0000095, marking a 21% drop since Monday, dragging the Political Figures Index to its lowest point since May 20th.
Furthermore, the technicals for Political Figures are not looking good. The token has seen losses for the fourth consecutive day, and if this continues, it will be the fifth bearish weekly close in the past six weeks.
However, some investors are not completely giving up on PEPE. There may be a glimmer of hope on the daily chart, which is approaching oversold territory. Additionally, despite the sharp decline, spot trading volume is still rising, having increased by 36% in the past 24 hours. Could this be retail traders preparing for a significant rebound?
There is no way to know for sure, but considering PEPE’s history of dramatic price swings, the possibility of a substantial recovery cannot be ruled out.
Meme Coin Market Crashes, All Major Tokens in the Red
It’s not just the Political Figures feeling the heat, the entire meme coin market is now burning, and not in a good way. Market cap has fallen off a cliff, dropping to $42 billion in the past day. Additionally, spot trading volume is dwindling, down to $5.1 billion.
All the big names are in trouble, with Dogecoin, Shiba Inu, and Dogwifhat experiencing losses of over 7%. But if you think that’s bad, take a look at Popcat. This cat-themed token has depreciated by 17% since yesterday and is currently hovering around $0.425.
The only meme coin that hasn’t completely succumbed is Mog coin, which has barely surfaced.
So, what’s behind the sell-off? It seems to be related to Bitcoin’s price woes. Currently, Bitcoin is experiencing a sharp downtrend, with over $260 million in long liquidations in the past 24 hours. When Bitcoin is in trouble, meme coins often sneer at it. Only time will tell if these coins can rebound, but for now, it’s clear that the bears are in control.
Pepe Unchained Introduces New Second-Layer Blockchain for Meme Coins, Challenging Short Sellers
While the old guard of meme coins is taking a beating, there is a new token that is still performing well. Pepe Unchained is not your average meme coin relying on social media hype. Beneath its funny exterior lies some serious technology.
Here’s the deal: the Pepe Unchained team is building a new second-layer blockchain tailored for meme coins. Imagine it as a fast lane for joke tokens, bypassing Ethereum congestion and exorbitant gas fees. According to Pepe Unchained’s whitepaper, this new network’s speed will be around 100 times faster than Ethereum. With its much lower fees, it could open up a world of possibilities for meme coin traders.
But there’s more. The developers have also created a “double investment” app, expected to yield an annual return of 846%, several times higher than the market average. Thanks to these appealing features, Pepe Unchained’s presale took off, raising over $2.2 million in three weeks. 20% of the 8 billion token supply has been reserved for presale investors, ensuring a sizable stake in the future of Pepe Unchained for the community.
This setup has attracted attention, with over 4,800 people following the project’s Twitter page. The native PEPU token is even ranked second on CoinSnipper.net.
With all the buzz, it seems “liberated Pepe” may be on the rise, while the old meme coin stars are taking a hit.
Visit Pepe Unchained’s presale
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