Pepe (PEPE) has experienced a surprise 34% surge in the past week, sparking interest once again in the popular frog-themed token.
At the same time, a new meme coin project called Pepe Unchained (PEPU) is starting to make a name for itself by raising over $4 million during its ICO phase.
PEPE coin rallies 34% as spot trading volumes soar
PEPE is making headlines once again.
Currently trading at $0.0000119, PEPE has reached its highest value since June 28, marking a 62% climb from its local low on July 5.
And PEPE’s technicals suggest it could keep pushing higher.
The token has logged four consecutive green closes – a feat not seen since early May.
PEPE also breached its 50-day exponential moving average (EMA) on Monday.
The next hurdle is at $0.0000133, which has previously served as a strong resistance level.
Trading activity has picked up alongside PEPE’s price surge.
In the past 24 hours, PEPE’s spot trading volumes topped $1.7 billion, cementing its position as the 9th most traded cryptocurrency in the world.
It’s also now the most traded meme coin, outpacing Dogecoin (DOGE) by over $700 million in volume.
Ultimately, after several weeks of bearish momentum, PEPE appears to be regaining its footing.
Meme coin market sees green across the board
PEPE’s rally isn’t an isolated incident.
The entire meme coin sector has been green over the past week.
DOGE and Shiba Inu (SHIB), the original meme coins, have both jumped over 16%.
Solana-based dogwifhat (WIF) has outpaced them with a 28% gain.
However, the crown for the biggest gainer goes to Popcat (POPCAT), which soared by 49%.
This widespread rally has pushed the total meme coin market value back above $51 billion.
Also, over $8 billion in trading volume was recorded in the past 24 hours alone.
The resurgence is driven by investors once again embracing risk-on assets like meme coins.
And this shift in market sentiment coincides with recent geopolitical events.
A failed assassination attempt on former U.S. President Donald Trump over the weekend seems to have sparked renewed interest in high-risk investments.
Some speculate that this assassination attempt has boosted Trump’s chances of winning the upcoming election in November.
Since Trump is supportive of crypto, the whole crypto market (including meme coins) has gone up in value.
Pepe unchained raises millions for new meme coin Layer-2 network
While established meme coins are rebounding, newcomer Pepe Unchained (PEPU) is entering the market with a fresh approach.
This project has raised over $4 million in its ICO – and caught the attention of retail investors in the process.
The main reason is that Pepe Unchained isn’t just another frog-themed token.
The developers aim to build a specialized layer-2 blockchain network for meme coins, potentially solving issues like high fees and slow transactions.
For example, imagine buying $100 worth of a meme coin on Ethereum and losing $10 to transaction fees.
Pepe Unchained’s layer-2 solution could reduce those fees to cents.
And this would make small trades more viable – great news for active traders.
The layer-2 network could also speed up transactions from minutes to milliseconds, allowing traders to capitalize on viral moments without congestion.
Pepe Unchained’s early ICO success indicates investors are interested in this idea.
More than 7,100 people now follow the project’s Twitter page, while Pepe Unchained’s Telegram channel also has thousands of members.
Even popular YouTuber Matthew Perry has mentioned the project.
As with any new crypto project, Pepe Unchained will need to deliver on its promises to maintain this positive momentum after its launch.
But for now, it’s an interesting example of innovation in the meme coin market.