TLDR
- PEPE price surged 15% in 24 hours but is still down 17% over the past week
- Technical indicators suggest PEPE could continue climbing in the short term
- Pepe Unchained (PEPU) is a new Layer-2 version of PEPE aimed at faster transactions
- PEPU’s presale has raised over $2.8 million, showing strong investor interest
- PEPE has declined 51% from its May 27 peak, raising concerns about recovery
Despite a 15% surge in the past 24 hours, PEPE is still grappling with a 17% decline over the past week. This mixed performance has left investors and analysts closely watching the frog-themed token’s next moves.
As of July 9, 2024, PEPE was trading at $0.000009549, rebounding from a key support level of $0.000007661. Technical indicators, including the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), suggest that PEPE could continue its upward trajectory in the short term.
However, the crypto community remains cautious, as PEPE has experienced a significant 51% drop from its all-time high of $0.00001718 reached on May 27.
The recent price action has broken below the critical $0.000010 psychological support level, establishing a downward trend that has raised concerns among investors.
The RSI’s failure to retest its midpoint signals a lack of buying pressure, pushing the meme coin towards oversold territory.
Despite these challenges, the meme coin market continues to evolve. A new player, Pepe Unchained ($PEPU), has entered the scene, presenting itself as a Layer-2 solution to address some of the issues faced by its predecessor.
PEPU aims to offer transaction speeds up to 100 times faster than Ethereum while significantly reducing gas fees.
The PEPU presale has garnered significant attention, raising over $2.8 million in just 19 days. This strong investor interest suggests that the meme coin community is still actively seeking new opportunities.
PEPU is currently selling for $0.0083258 during its presale phase, with some analysts predicting it could reach approximately $0.016 by the end of 2024.
PEPU’s blockchain will also serve as a meme coin launchpad for projects looking to avoid Ethereum’s high fees and slow transaction times. The project includes its own dedicated blockchain explorer, simplifying transaction tracking for investors.
The meme coin sector, particularly frog-themed tokens, has amassed a market value of over $6.2 billion, highlighting the enduring popularity of these often volatile but potentially lucrative investments. However, the recent performance of PEPE serves as a reminder of the risks associated with such investments.
