The meme coin market is taking a big hit, with Pepe leading the decline.
In the past week, PEPE has dropped by over 20%, causing a shock to the entire crypto community.
Amidst all the chaos, a new project called Pepe Unchained (PEPU) is still performing well.
It aims to change the current situation by offering a second-layer scaling solution designed specifically for meme coins.
Investors are hoping for a rebound, but the Political Figures Index has hit a new low.
It has been a challenging week for holders of the Political Figures token, with the current trading price at around $0.0000095.
This marks a 21% decline since Monday, dragging the Political Figures Index to its lowest point since May 20.
Furthermore, the technicals for the Political Figures token are not looking good.
The token has seen losses for the fourth consecutive day, potentially leading to the fifth bearish weekly close in the past six weeks.
However, some investors are not completely giving up on PEPE.
There may be a glimmer of hope on the horizon – the daily chart is approaching oversold territory.
Additionally, despite the drastic drop in price, the spot trading volume continues to rise, increasing by 36% in the past 24 hours.
Could this be retail traders preparing for a significant rebound?
There is no way to know for sure, but given the history of PEPE’s price volatility, the possibility of a major recovery cannot be ruled out.
Meme Coin market crashes, all major tokens in the red
It’s not just Political Figures feeling the heat – the entire meme coin market is currently in turmoil, and not in a good way.
The market capitalization has plummeted, dropping to $42 billion in the past day.
Additionally, the spot trading volume is shrinking, falling to $5.1 billion.
All the big names are in trouble, with Dogecoin, Shiba Inu, and Dogwifhat seeing declines of over 7%.
But if you think that’s bad, take a look at Popcat.
Since yesterday, this cat-themed token has depreciated by 17%, currently hovering around $0.425.
The only meme coin that hasn’t completely succumbed is Mog coin, which has hardly surfaced.
So, what’s behind the sell-off?
This seems to be related to Bitcoin’s price woes.
Currently, Bitcoin is experiencing a sharp decline, with over $2.6 billion in long liquidations in the past 24 hours.
When Bitcoin is in trouble, meme coins often turn their noses up at it.
Only time will tell if these coins can rebound, but for now, it’s clear that the bears are in control.
Pepe Unchained launches new second-layer blockchain for Meme Coins, challenging the shorts
While the old guard of meme coins is taking a beating, one new token is still performing well.
Pepe Unchained is not your average meme coin relying on social media hype.
Beneath its amusing exterior lies some serious tech.
Here’s the deal: the team behind Pepe Unchained is building a new second-layer blockchain tailored for meme coins.
Think of it as a fast lane for joke tokens, bypassing Ethereum’s congestion and high gas fees.
According to Pepe Unchained’s whitepaper, the new network’s speed will be around 100 times that of Ethereum.
With its much lower fees, it could open up a world of possibilities for meme coin traders.
But there’s more.
The developers have also created a “dual-investment” app with an expected annual yield of 846%.
This is several times higher than the market average.
Thanks to these enticing features, Pepe Unchained’s presale took off, raising over $2.2 million in three weeks.
20% of the 8 billion token supply has been reserved for presale investors, ensuring a significant stake in Pepe Unchained’s future for the community.
This setup seems to have caught people’s attention, with over 4,800 people following the project’s Twitter page.
The native PEPU token even ranks second on CoinSnipper.net.
With all the buzz, it seems “Pepe Unchained” could be on the rise, while the old meme coin stars are taking a hit.
Visit the Pepe Unchained presale
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