Meme coins buck last week’s downtrend and embark on a bullish pathway.
Meme Coin Prices Rebound as Pepe Unchained Raises $12.5M in Presale - Best Crypto To Buy?
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Among the top gainers are Popcat, Dogs, Dogwifhat, Dogecoin, and Brett, while the new presale token Pepe Unchained is also showing strength.
Meme Coin Prices Surge On Market Recovery
Joke token prices are rallying on a turn in market sentiment this week.
Last week’s convoluted U.S. job market data stoked concerns about a potential recession, which caused crashes across global markets. However, the fears have been brushed aside as prices recover.
Bitcoin has just made its first lower high on the price chart, marking a “bottom signal,” according to analyst Cousin Crypto.
Traders are reentering meme coin positions amidst the growing optimism. While the total crypto market cap is up 2.6% today, the meme coin market cap is up over 5.6%.
Per CoinGecko data, the three top performers are Kittekoin (up 76%), Hoppy (up 27%), and Pepe Fork (up 23%).
Among the top 10 meme coins, Popcat is leading the way with an 11% pump. Meanwhile, Dogwifhat is up 7.9%, Dogs is up 7.9%, Dogecoin is up 6%, and Brett is up 6.5%.
The Fear and Greed Index also reflects a sentiment change in the crypto market.
After nearing “Extreme Fear” last week, it is now back in the “Neutral” zone at a comfortable level of 46 out of 100.
Typically, prices are led by the market leaders – such as Dogecoin for meme coins.
According to Ali Martinez, who goes by Ali_Charts on X, Dogecoin may be set for a 50% rally in the coming weeks.
He notes that it is trading inside a descending wedge and could hit $0.15 if it holds above the $0.1 support level.
If the bullish momentum continues, then we could see new projects like Pepe Unchained soar.
Pepe Unchained is undergoing a presale where it has raised a staggering $12.5 million despite the broader market’s bearishness in recent weeks.
First Meme Coin With an L2: Traders Invest Over $12.5M into Pepe Unchained Presale
While Pepe Unchained shares a name with the infamous Pepe coin, it stretches much further in terms of value for its users.
It will be the first meme coin with its own Ethereum layer 2 blockchain, offering lower fees and faster speeds than Ethereum.
The meme coin market is worth over $40 billion, and “Pepe Chain” will be the first blockchain dedicated solely to the sector. This could expedite innovation and open many new use cases, such as meme coin DeFi apps or a meme coin metaverse.
The project will also have a dedicated Ethereum bridge to make moving funds on and off the network seamless. Other features include a block explorer and staking.
Staking is live and provides a 162% APY, but this will decrease over time.
Given its presale success, it’s no surprise that prominent analysts are taking note.
ClayBro says, “ Whales are beginning to load up on Pepe Unchained.”
He suggests this is a big deal for the project, reflecting significant demand that could carry into its exchange launch.
The Pepe Unchained presale is ongoing and currently priced at $0.0096126.
However, the price will incrementally rise throughout the presale, and the next increase will be in one day.
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