It’s been a rough 24 hours for meme coins, with Dogecoin and Pepe both taking a beating.
Dogecoin, Pepe Prices Dip as Traders Rotate Into PEPU Meme Coin Following Successful IEO
This article was published more than a year ago. Some information may no longer be current.
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DOGE is down 4%, while PEPE has slipped 8%.
Meanwhile, Pepe Unchained has gone against this bearish trend and made headlines with its Uniswap debut – fresh off a record-breaking presale phase that raised over $70 million.
DOGE Price Tumbles as Selling Pressure Intensifies
Dogecoin has dropped to $0.39, a price that hasn’t been seen since November.
What started as a slight dip over the weekend has turned into a full-on dump, leaving DOGE down 19% from Saturday’s local high.
Things got especially dicey on Monday when the price crashed through a key trendline on the 4-hour chart, which had been holding strong.
And the bleeding shows no signs of stopping.
Trading has dried up too, with daily spot volumes down 27% while leveraged traders are getting crushed – over $20 million in long positions have been wiped out since yesterday.
Still, some aren’t giving up hope.
Well-known analyst Trader Tardigrade thinks this is just a bump in the road and believes DOGE will rebound soon.
Some traders are also keeping an eye on the $0.37 level as a potential bottom.
Regardless, if DOGE stays in the red today, it’ll mark the coin’s longest losing streak since September, with three straight days of losses.
PEPE Slides from All-Time High Despite Elon Musk’s Meme-Powered Boost
PEPE has followed DOGE’s lead down, dropping to $0.000022 after hitting an all-time high of $0.0000282 just days ago.
The coin has lost about 20% of its value since that high – though some traders think the worst might be over.
While PEPE did drop below the 50-period EMA on the 4-hour chart, it’s managing to respect an upwards-sloping trendline that’s been in play since late November.
Trading action also tells an interesting story.
Spot volumes are still above $6.8 billion for the past 24 hours, and more traders seem to be getting involved, possibly eyeing a rebound.
And there’s also a wild card in the mix.
Elon Musk has been plastering his X (formerly Twitter) feed with AI-made Pepe memes from his Grok chatbot, keeping the frog mascot front and center, even as PEPE’s price dips.
PEPE’s official X page has been retweeting these memes – hoping to capitalize on the attention brought about by Musk.
Viral Meme Coin Pepe Unchained Launches on Uniswap with 86% Surge & $170M Market Cap
While DOGE and PEPE are suffering, the new coin Pepe Unchained is crushing it after launching on Uniswap yesterday.
Following one of the biggest meme coin presales ever, PEPU’s price shot up 86% in the first hour.
Even after cooling off, it’s still up 53% from where it started.
In just 24 hours, PEPU has pulled in over $25 million in trades and attracted 39,000 holders.
This has pushed the coin’s market cap above $170 million.
Pepe Unchained’s team has also locked in nearly $4 million in liquidity, hinting they’re in it for the long haul.
All of this could just be the start for Pepe Unchained, with talk in the project’s Telegram channel that major exchanges might be about to list it.
A CEX listing this early could send trading volumes through the roof.
For now, this new frog coin is stealing the show from DOGE and PEPE, showing there’s still plenty of hunger for new meme coins in today’s market.
Popular crypto influencer Austin Hilton couldn’t help but boast about PEPU’s performance.
He tweeted “I told you” after weeks of discussing Pepe Unchained in YouTube videos.
So, with the bullishness showing no signs of going away, PEPU looks set to keep rising higher while its established peers lick their wounds.
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