Traders are fleeing Pepe this week as its price slides by 22%.
However, industry newcomer Pepe Unchained prevails as a bear market safe haven, with its presale total raise nearing $7 million.
Pepe Price Slumps Amid Recession Fears On Employment Data
Macroeconomic jitters have sent risk-on asset prices into freefall, and top meme coins like Pepe have been some of the worst hit.
The last Federal Reserve Open Market Committee (FOMC) meeting’s nonchalant demeanor, coupled with concerning US job market data, has stoked a selloff across financial markets.
The job market data in question is a US labor report showing that unemployment rates rose from 4.1% in June to 4.3% in July. This marks the highest rate of unemployment since October 2021.
Consequently, traders fear a global economic slowdown, which caused a lot of derisking on Friday and led to substantial losses.
For Pepe, this week’s 22% selloff is nothing new. It has recouped from such slumps many times before.
However, TradFi players are devastated by the huge losses some stocks endured this week.
In the past week, the S&P500, the weighted index of the top 500 U.S. stocks, is down 2.37%. Some individual stocks like INTC, MCHP, and PRU are down over 10%.
Meanwhile, the total crypto market cap is down 9.3% in the same window.
This reflects the confluence of crypto assets and the broader economy.
But as evidenced by Pepe’s 22% dip, the frog-themed meme coin makes more volatile moves.
With that, here’s what analysts think is in store next.
Genevieve Roch-Decter suggests that the stock market will recover within one month. Due to the apparent confluence, this would also enable a crypto market recovery.
And moving to Pepe specifically, analysts are also bracing for a swift recovery.
Eliz predicts some selling at the beginning of August, followed by a reversal and continuation of the higher time frame uptrend.
However, other traders are turning to low market cap meme coins to shelter from the market-wide selling.
One of the strongest performers amid the downturn is Pepe Unchained.
The project is in its presale phase and has continued pushing ahead, swiftly approaching the $7 million total raised mark.
Pepe Unchained Presale Defies Market Selloff as ICO Nears $7M
Pepe Unchained has turned heads since its presale debut.
It adopts the memetic allure of Pepe – but it’s not a standard meme coin.
Pepe Unchained is building the first Pepe-themed Ethereum layer 2 blockchain.
It positions itself as a home for meme coins that is faster and cheaper than Ethereum.
And it’s not some quick-fix cash grab, either.
The team promises a block explorer, a dedicated Ethereum bridge, and has already launched staking.
Moreover, smart contract auditor Solid Proof conducted an analysis and found $PEPU is safe and not at risk of scams or rug pulls.
With a high-octane use case and robust security, it’s no surprise that traders want in.
Alongside receiving almost $7 million in funding, Pepe Unchained has been hailed by top analysts.
Crypto Gains was singing Pepe Unchained’s praises and suggests investors are still early to the party.
Considering the fact that $PEPU has yet to launch on the market, investors have a rare buying opportunity.
https://www.youtube.com/watch?v=653KCrg5zAU
But it won’t last long.
The presale supply is finite, and the presale price will increase over time.
Currently, the Pepe Unchained presale price is $0.0088396, but this will rise later today.
