With Bitcoin falling, the meme coin market has taken a substantial hit. Out of the top 5 meme coins, the biggest hit was dealt to Pepe (PEPE), falling 15.75% over the last 24 hours. This trend also had an impact on most Pepe-inspired tokens, especially those that are also based on the Ethereum network.
Let’s look into what made this happen, and how investors are turning to a new meme coin ICO that’s raised $17 million as an alternative to Pepe coin.
Pepe & Pepe-Inspired Tokens Fall Double Digits
Overall, Pepe has had a successful week, growing 14.02% to $0.000009633. However, its daily trading volume growing 94.72% when it’s falling rapidly is not a good sign.
Looking at PEPE’s technical indicators doesn’t paint a much better picture. PEPE’s long/shot ratio is sitting at 0.92, showing more funds allocated towards bearish prospects. Open interest is also steadily falling, dropping 26.5% over the last 24 hours. There are also a lot more long positions being liquidated than short ones. Overall, this paints a bearish picture of the world’s third-largest meme coin.
Experts like Conor Kenny with 200,000 subscribers on YouTube are seeing this dip in popularity and diverting their attention to other tokens.
Pepe-inspired tokens are following a similar trend. PeiPei (PEIPEI) and Hoppy (HOPPY) are down 10.75% and 13.26% respectively. Despite PeiPei’s creative approach to marketing, it couldn’t fight against the market, sliding down in value.
While both of these tokens have had a positive week, their technicals follow a similar pattern to Pepe, with all three being built on the Ethereum blockchain.
Of course, part of the reason why these tokens are falling is the overall market responding to the attack on Israel. Historically, tensions and conflicts have had a negative correlation with the crypto market, as investors turn to cash or gold to invest their funds instead.
However, another part of the reason why Pepe and many of its derivative tokens are falling is due to the nature of ETH. High gas fees and slow transaction fees discourage traders and investors from buying at low confidence levels, as entering or exiting a position can be costly.
To remedy this, investors are looking at a new ICO that aims to solve both of these problems while keeping the Pepe meme appeal.
Investors Shift Focus to Pepe Unchained as ICO Raises $17 Million
Pepe Unchained (PEPU) is an innovative, layer 2 project creating a comprehensive meme coin development environment with instant bridging to ETH. With up to 1,500 transactions per second at minimal gas fees, PEPU would make trading cheaper, easier, and faster.
PEPU has raised $17 million on the back of this, currently trading at $0.0099 per token. However, the ICO follows a dynamic pricing model, meaning prices will go up as funding goals are met and time passes.
On top of combating ETH’s biggest issues, PEPU has a dedicated block explorer and has recently announced its “Pepe Frens With Benefits” grant program. In Q4 of 2024, PEPU will give out grants to select developers to build on the blockchain so the token can launch with a full ecosystem built around it.
As for security, Pepe Unchained has undergone security audits by Coinsult and SolidProof, neither of which found any critical issues.
PEPU’s presale has been closely followed by experts since its inception. The likes of ClayBro, 99Bitcoins, Cryptonews, and others have shared bullish sentiments regarding the token. In a recently released video Austin Hilton, a YouTuber with over 270,000 subscribers released a video praising the token and anticipating the biggest meme coin launch ever.
PEPE UNCHAINED! THE BIGGEST MEME COIN PRESALE LAUNCH – EVER!
However, at the end of the day, Pepe Unchained is still a meme coin. This means its growth is tied intimately to its marketing and community. PEPU dedicates 10% of its total token supply to marketing, and it seems to be paying off, with the token amassing over 25,000 followers on X (Twitter) and over 8,600 members on Telegram.
With less than a day left until the next price increase and a dip in the markets, now is the best time to get in on Pepe Unchained.
