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Pepe is down 22% in a week, while new memecoin Pepe Unchained raises $2.5m in presale amid bullish analyst forecasts.
The memecoin market has taken a beating this week, and Pepe is worse for wear, down 22% in a week.
However, a new Pepe alternative has emerged. The new presale memecoin Pepe Unchained has shown continued strength, with it now having raised over $2.5m amid bullish forecasts from analysts.
Pepe price falls amid broader market slump
For crypto bulls, it’s been a lackluster couple of months. The market follows Bitcoin, and BTC is down 24% from its 14 March all-time high (ATH).
Consequently, crypto prices have been hit across the board, and Pepe is one of the biggest losers this week. Falling from $0.000009249 on Sunday, Pepe is currently trading at $0.000008417.
That represents a 10% loss in the last day. However, its bearish momentum is even more pronounced on higher time scales.
Pepe is down a whopping 28% this week, 35% this month, and 50% from its 27 May ATH.
That said, the token has seen a strong 16% uptick in 24-hour trading volume today, reaching $786 million. This makes Pepe the most-traded memecoin today, eclipsing Shiba Inu and Dogecoin despite a significantly lower market cap.
Put differently, traders are paying close attention to the frog-themed memecoin. That’s also apparent on social media, with memecoin traders voicing their opinions on Pepe’s next move.
“PEPE just closed under the 10-day moving average on the weekly chart, meaning there is a low chance of recovery (short term) unless we get an outlier, such as a Coinbase listing or trading begins for the Ethereum ETF,” said Pepe Maxi.
However, others are more optimistic and regard Pepe’s current price as a rare opportunity.
Prominent community member Plazma dubbed it a “generational buying opportunity,” highlighting that Pepe is in a key structural zone that could precede its next explosive upswing.
Generational buying opportunity for $PEPE. pic.twitter.com/aDp7ADzGdw
— Plazma (@Plazma0x) July 5, 2024
Evidently, sentiment is mixed on Pepe’s near-term trajectory, but most traders agree that its long-term trajectory is bullish.
So, with traders fixated on Pepe and a potential price reversal imminent, the timing couldn’t be better for new presale Pepe Unchained to launch.
Pepe Unchained raises $2.5m in presale funding
Brett and Book of Meme are just some of the sensations that derive from Pepe coin. The relationship with Pepe taps into crypto’s most active memecoin community, providing a huge boost from the get-go.
But now, Pepe Unchained is ushering in an unprecedented use case – it’s the first Pepe-themed cryptocurrency to have its own layer 2 blockchain.
Pepe Unchained is merging the burgeoning virality of memecoins with the prowess of layer 2 technology. It’s a recipe that appeals to memecoin enthusiasts and conservative investors alike.
Pepe Unchained will process transactions off the Ethereum main network, promising speeds 100x faster and fees magnitudes cheaper. Moreover, it retains the decentralization and security of Ethereum.
And with its memetic roots, there’s every chance Pepe Unchained becomes a hotbed for memecoin inventiveness. Its an ambitious use case, but investors have given a nod of approval by providing $2.5 million in funding.
Big returns are expected on these investments, with 99Bitcoins forecastsing the PEPU price could 100x.
The Pepe Unchained presale is ongoing, so investors can buy in at a discounted, pre-market price. However, the price will incrementally rise throughout the presale, so prospective buyers should act quickly.
To learn more, visit Pepe Unchained presale.
Read more: Book of Meme sees gains as Pepe Unchained ICO raises $1 million
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