The memecoin market has been hit hard recently, especially the iconic token Pepe (PEPE), which has plummeted by more than 20% in the past week. This drastic fluctuation has not only shaken the entire cryptocurrency field, but also deeply touched the hearts of countless investors.

However, in this cold wave, an emerging force, the Pepe Unchained (PEPU) project, has brought a ray of light to the market with its unique second-layer expansion solution. The project promises to open up a new growth path for the meme coin field through technological innovation, bringing a ray of hope to investors.
The Waterloo of PEP Tokens
Meanwhile, holders of PEP tokens (pseudonyms are used here to fit the Chinese context) are experiencing unprecedented challenges. The token price plummeted to around $0.0000095, evaporating more than 21% of its value in just one week, and its chart hit its lowest point since May 20. The bleak technical outlook, four consecutive days of decline, and the possibility of a fifth bearish weekly close all tell of the dire situation in the market.
But in this despair, there are still investors who choose to hold on, believing that the oversold area approaching the daily chart may be a precursor to a rebound. The counter-trend growth of PEPE spot trading volume, which surged 36% in 24 hours, has further stimulated the market's imagination of a sharp rebound. Although the future is full of uncertainty, the sharp fluctuations in PEPE's price history have undoubtedly left room for this possibility.

The memecoin market is collapsing
PEPE’s predicament is not an isolated case. The entire meme coin market is in a sea of ​​fire. The market value has plummeted to $42 billion, and the spot trading volume has shrunk to $5.1 billion. The prosperity of the past is no longer there. Mainstream meme coins such as Dogecoin and Shiba Inu Coin have not been spared, with a drop of more than 7%, while niche tokens such as Popcat have suffered a 17% plunge, with prices hovering around $0.425.
In this catastrophe, the only thing that is slightly resilient is Mog coin. It is like a small boat on the sea. Although it is hit by wind and waves, it has not completely sunk.
Analyzing the underlying reasons behind the sell-off
The root of all this seems to be closely linked to the weak performance of Bitcoin. As a bellwether of the global cryptocurrency market, the sharp fluctuations of Bitcoin have undoubtedly had a profound impact on the memecoin market. When Bitcoin is in trouble, the memecoin market is often unable to remain unscathed and becomes a direct victim of market sentiment fluctuations.