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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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Pepe ($PEPE) is rocketing past Dogecoin ($DOGE) today as meme coin markets ballooned a staggering 17.9% in the last 24 hours to post a collective market cap of $55.6 billion.
Pepe advanced 15% overnight and 26% over the week to trade at $0.00001049 at the time of writing. Meanwhile, Dogecoin posted intraday gains of 7.8% and intraweek gains of 15.4% to hit $0.1237.
Few of the blue chip meme coins can match Pepe’s pace today, although Shiba Inu ($SHIB) comes close. Shiba Inu blew up 14% overnight; over the week it trounces Pepe with seven-day gains of 35% as it trades at $0.00001949.
Bonk ($BONK) and Floki ($FLOKI) ran a close race. Both coins have market caps slightly north of $1.5 billion and both advanced 12.5% overnight and about 23% over the week.
DogWifHat ($WIF), the fourth largest coin by market cap at $2.3 billion, posted muted gains of 7% overnight but a sizeable 29% increase over the week to trade at $2.37.
Pepe Price Analysis – PEPE Becomes Best Performer in the Market
Pepe may be one of the best-performing in the sector right now, but there are several indications that it’s due to cool off soon.
Firstly, it’s ascent has resulted in a near vertical rise over the last two days as indicated by the white arrow, which shows a Pepe price prediction made three days ago.
That means Pepe is now close to retesting its late-July resistance level of $0.000012.
After a rally this quick, Pepe’s relative strength index (RSI) is falling from 77, which indicates the asset is overbought right now but even if the selling momentum turns into a general sell-off, Pepe is likely to hold its ground at its current level.
You’ve Met Pepe ($PEPE), Now Meet Him Unchained ($PEPU).
The original Pepe is a great blue chip meme coin for many, but a new variation called Pepe Unchained (PEPU) entered presale this summer and has already raised an eye-watering $15.6 million on the simple premise that it’s the first Pepe to run on a proprietary Ethereum Layer 2.
Ethereum is the most commercially important blockchain, but it currently processes about 15 transactions per second (tps) which results in high network congestion and large transaction fees.
To solve this bottleneck, Layer 2 protocols have been created to sit on top of the main Ethereum network and process transactions independently on a side chain, before adding them to the Layer 1 ledger.
One famous Layer 2 is Polygon, represented by the $POL token (formerly $MATIC), which has a maximum recorded 429 tps.
Tokens underlying Layer 2 protocols have collectively amassed a market cap of over $20 billion.
$PEPU is the first meme coin to utilize this technology to give its holders a more enticing value proposition than any standard-issue meme coin.
It’s a hundred times quicker and cheaper to transact with than Ethereum, and thanks to the improved scalability, Pepe Unchained offers $PEPU stakers far greater rewards (currently 136%) than Layer 1 meme coins.
According to the whitepaper, a fifth of the supply of 8 billion $PEPU is for the presale, with a hefty 30% going towards staking.
Another fifth is for the token’s marketing, while the remaining 30% goes equally between DEX liquidity, project development and the Pepe Unchained Layer 2 treasury.
Got FOMO? Learn more about Pepe Unchained, the $PEPE killer, from the official X (formerly Twitter) and Telegram accounts.
Visit the official $PEPU website.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
