The past 24 hours have been rough for meme coins, with Dogecoin and Pepe taking a beating.
DOGE is down 4%, while PEPE is down 8%.
Meanwhile, Pepe Unchained has bucked the bullish trend and made headlines with its Uniswap debut – fresh off a record-breaking presale that raised over $70 million.
DOGE Price Drops as Selling Pressure Intensifies
Dogecoin has dropped to $0.39, a price not seen since November.
What started as a slight dip over the weekend has turned into a full-blown slump, leaving DOGE 19% below Saturday’s local high.
Things got especially dangerous on Monday, when the price broke a key trendline on the 4-hour chart that has held firm.
And it looks like the bleeding isn’t stopping.
Trading has also slowed, with daily spot volume down 27%, while leveraged traders are taking losses – over $20 million in long positions have been liquidated since yesterday.
However, some are not giving up hope.
Renowned analyst Trader Tardigrade believes that this is just a blip on the trail and believes that DOGE will recover soon.
Some traders are also eyeing the $0.37 level as a potential bottom.
In any case, if DOGE remains in the red today, it will be its longest losing streak since September, with three consecutive days of losses.
PEPE Slips Off All-Time High Despite Elon Musk Meme Support
PEPE has followed DOGE down, falling to $0.000022 after reaching an all-time high of $0.0000282 just a few days ago.
The coin has lost about 20% of its value since then – although some traders think the worst is over.
While PEPE has fallen below the 50-period EMA on the 4-hour chart, it still respects the uptrend that has been in place since late November.
Trading activity also tells an interesting story.
Spot volumes remain above $6.8 billion over the past 24 hours, and it appears more traders are getting involved, perhaps in anticipation of a recovery.
And there’s an unexpected component here, too.
Elon Musk has been actively posting Pepe memes on his X platform (formerly Twitter), generated by the AI of his Grok chat, keeping the frog in the spotlight even as PEPE’s price has fallen.
The official PEPE page on X has been retweeting these memes – hoping to capitalize on the attention Musk has brought. Viral Meme Coin Pepe Unchained Launches on Uniswap with 86% Gain and $170M Market Cap
While DOGE and PEPE are suffering, new coin Pepe Unchained has had a successful launch after launching on Uniswap yesterday.
After one of the largest presales of any meme coin, the price of PEPU soared 86% in the first hour.
Even after cooling down, it is still up 53% from its starting point.
In just 24 hours, PEPU has attracted over $25 million in trading and attracted 39,000 holders.
This has pushed the coin’s market cap above $170 million.
The Pepe Unchained team has also locked up nearly $4 million in liquidity, hinting at long-term plans.
This could all be just the beginning for Pepe Unchained, with talk on their Telegram channel that major exchanges could list it soon.
A CEX listing at such an early stage could drive up trading volumes.
For now, this new lilac coin is attracting attention from DOGE and PEPE, showing that there is still a lot of demand for new meme coins in the market.
Popular crypto influencer Austin Hilton couldn’t resist bragging about PEPE’s success.
He tweeted “I told you so” after months of discussing Pepe Unchained in a YouTube video.
Hurry up to buy! 👉 $PEPE
article taken from the original site bitcoinnews