This week’s surge in meme coins is catching the attention of investors, with Pepe (PEPE) leading the charge. The popular frog-themed coin saw its price jump 10%, continuing its upward trend. Meanwhile, Pepe Unchained (PEPU) has surpassed a $14 million milestone in its presale, drawing further interest to frog-themed meme coins.
Pepe Price Rally – A Comeback for the Frog-Themed Coin?
PEPE has been on a strong upward trajectory, reaching $0.0000084, its highest price since late August. The coin’s value increased by 10% in the past day and 20% since hitting a low earlier in the week. If this momentum continues, PEPE could see a fourth consecutive day of gains. However, despite the recent rally, PEPE still has a way to go before it can match its all-time high of $0.0000171 set in May.
The trading volume for PEPE has surged, with a 35% increase in spot volumes to $954 million over the last 24 hours. The coin now ranks as the 9th most traded cryptocurrency globally, and open interest has reached $54 million, signaling growing interest from investors looking to capitalize on PEPE’s recent gains.
Meme Coins Soar After Federal Reserve Rate Cut
PEPE’s rise is part of a broader rally in meme coins, fueled by a recent Federal Reserve decision to cut interest rates by 50 basis points. The meme coin market cap has surpassed $45 billion, gaining 7% in just 24 hours. Other meme coins, such as Dogecoin and Shiba Inu, have also seen price increases, while DogWifHat has emerged as a standout, posting a 10% gain. Neiro is the only notable meme coin to miss out on the rally, dipping by 2%.
The Federal Reserve’s rate cut has made cryptocurrencies more attractive to investors, and meme coins are particularly benefiting from this trend. As further rate cuts are anticipated in upcoming FOMC meetings, the meme coin rally could continue to gain strength.
Pepe Unchained Gathers Steam Ahead of Launch
While established meme coins are performing well, a new contender, Pepe Unchained, is making waves even before its official launch. The project has raised over $14 million in its presale, sparking interest across social media platforms.
Pepe Unchained is developing a Layer-2 network specifically designed for meme coins, known as the “Pepe Chain.” The network promises to be 100 times faster than Ethereum and will feature a dedicated block explorer. The platform’s native token, PEPU, is currently available in presale for $0.00981 per token, with payments accepted in ETH, USDT, BNB, and via credit/debit cards.
The project has gained credibility following successful audits by Coinsult and SolidProof, which found no vulnerabilities in its code. Once the presale ends, PEPU will be listed on a decentralized exchange, where its price will be determined by market supply and demand. As interest in meme coins continues to grow, many are closely watching Pepe Unchained’s development as the market approaches Q4 2024.