The meme coin sector is experiencing a resurgence, but Pepe’s market dominance is waning. Investors are increasingly shifting their focus to the pre-sale of Pepe Unchained ($PEPU), the unofficial Layer 2 version, which has raised $3.1 million and continues to gain momentum.
Pepe Unchained Surpasses $3 Million in Pre-Sale
New meme coins are emerging in the cryptocurrency market as 2024 progresses, with Pepe Unchained ($PEPU) becoming a focal point. The token has captivated investors thanks to its engaging frog theme and innovative approach.
Despite being in its pre-sale phase, $PEPU is already making waves within the cryptocurrency sector, breaking through the $3 million mark in its ICO—achieved in less than a month, averaging around $1 million per week.
Pepe officially hits $3M! Thank you for the incredible support. The journey is just beginning. 🐸🚀 pic.twitter.com/yySoWoXaCa
— Pepe Unchained (@pepe_unchained) July 10, 2024
At the time of writing, the pre-sale continues to attract more investors. Meanwhile, Pepe’s popularity among investors is declining, further fostering the rise of $PEPU.
Pepe Loses Ground Despite Meme Coin Resurgence
The recent market decline has also affected meme coins in the past week. However, these tokens are already leading a recovery, with an overall increase of 3.7% noted on Wednesday.
Unfortunately, this has not yet enabled Pepe to regain its earlier momentum. The token was a key player in the rally during the first quarter, providing investors with a return of 1,235%.
Since its all-time high of $0.00001718, $PEPE has seen a 46% drop. Over the last two weeks, the meme coin has lost 26.8% in its pricing.
Data from Coinalyze indicates that the token is experiencing a decline in overall open interest since its peak at the end of June, signaling waning interest in its futures contracts with most positions being closed.
Simultaneously, Pepe’s funding rates have been negative since mid-June, painting a bearish picture for $PEPE, with short positions profiting at the expense of long positions.
— Whale Alert (@whale_alert) July 10, 2024
Additionally, according to Whale Alert, a significant transaction occurred with a whale transferring an astonishing 9 million $PEPE tokens to Bybit.
Pepe Appears to be Outdated, Leading Some Investors to Favor Pepe Unchained
Beyond the aforementioned events, investors are expressing a preference for Pepe Unchained, primarily due to the benefits this new cryptocurrency offers for transactions. Pepe is seen as outdated, owing to its operation on the Ethereum network.
Despite its robustness, transactions on Ethereum are slow and costly. The surge of $PEPE in 2024 has not alleviated this issue; during the March rally, Ethereum’s gas fees spiked to 82.9 gwei, its highest level in a year.
To provide an alternative, Pepe Unchained has emerged with its own Layer 2 solution on Ethereum, offering investors more freedom with faster transactions and significantly lower fees.
This development gives rise to a comprehensive ecosystem capable of hosting NFTs, as well as DeFi, GameFi, and AI projects.
Staking Program Gains Traction with More than 268 Million $PEPU Staked
As Pepe Unchained continues to gain prominence due to its features, the project is also seeing technical progression. Alongside the pre-sale hitting $3 million, the staking program is experiencing substantial participation.
As of Monday, approximately 232 million PEPU had been allocated to the Pepe Unchained staking pool. Since then, an additional 36 million PEPU has been added, corresponding to a current pre-sale value of about $300,000.
As the ICO progresses, the APY is decreasing, currently sitting at 596%, translating to a monthly yield of approximately 50% for investors.
Given these advantages, Pepe Unchained’s emergence has caught significant attention from crypto influencers. YouTuber Jacob Crypto Bury recently revealed his predictions for $PEPU, viewing it as a meme coin with a potential for x100 growth.
First Round of Pre-Sale Approaching Its End – Potential Investors Have Less Than 24 Hours to Get Involved
The pre-sale of Pepe Unchained is accelerating, indicating strong investor confidence in its development. Furthermore, it is a trustworthy project, as evidenced by the audit of its smart contract by Coinsult and SolidProof.
Potential investors can join the ICO now to acquire $PEPU at a lower price, currently available at $0.0083591, with an increase expected to $0.00839260 in just over 24 hours for the next phase.
A total of 400 million tokens will be available in this pre-sale round, so be sure to visit the Pepe Unchained site and purchase your share from the total offer of 1.6 billion tokens.
Source: Whale Alert
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