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Bitcoin hits new highs as Dogecoin, Pepe, and newcomer Pepe Unchained soar, with $26m raised for a new Ethereum Layer 2 meme coin ecosystem.
Bitcoin is in uncharted territories today and top meme coins are also soaring. Dogecoin and Pepe have pumped 23% and 6.3%, respectively.
However, analysts are saying new meme coin Pepe Unchained could outperform, having raised a staggering $26 million in its presale so far.
DOGE and Pepe show strength as meme coin market nears ATH
The meme coin market’s total valuation is about to create a new all-time high (ATH), fueled by the rapid growth of Dogecoin, Pepe, and similar tokens.
This marks a significant trend in the ongoing market cycle. Although 2021 was good for meme coins, the fundamentals are stacked even stronger this time.
Dogecoin is leading the way with a whopping 23% pump today. It’s currently trading at $0.28, and it’s up 85% this week and 154% this month.
Prominent analyst Ali Martinez notes that DOGE has broken a macro resistance trend line, speculating that it is “about to go parabolic.”
Martinez uses the Fibonacci Retracement tool to gauge potential areas of interest, noting that key levels range between $3.95 and $23.26. Indeed, these are seemingly unrealistic targets, but it reflects the exponential nature of meme coin prices in bull markets.
Moving to Pepe, it’s currently trading at $0.00001199, up 4.5% today, 46% this week, and 21% this month.
Pepe has created a higher high and higher low on the price chart, signaling momentum is shifting bullish after a downtrend from its May ATH.
Similar to the massive price targets for DOGE, traders are also highly bullish on Pepe.
For instance, Waleed.eth points to a target beyond $0.19, which is well over 15 times its current price.
Waleed.eth notes that Pepe is breaking key macro levels, laying the way for strong gains.
But while Dogecoin and Pepe gather pace, market newcomer Pepe Unchained is causing a buzz with an Ethereum layer 2 blockchain for meme coins.
Pepe Unchained raises $26m for L2 meme coin ecosystem
Investors are serious about getting into the Pepe Unchained presale.
The project has raised over $26 million so far, signaling a unprecedented market appetite.
So what’s it all about? As mentioned, they’re building an Ethereum layer 2 blockchain for meme coins. It’ll be 100x faster than Ethereum and much cheaper.
With these heightened transaction capabilities, Pepe Unchained unlocks many use cases that are unfeasible on the main network.
For instance, they recently unveiled Pepe Pump Pad, a new meme coin generator that lets users generate joke tokens without coding. It’s akin to Solana’s Pump.fun platform.
Meme coin generators process high transaction volume, which is why a similar concept has not taken off on Ethereum, where fees would eat into profits.
This is just one example of how Pepe Unchained aims to make the Ethereum ecosystem the center of the meme coin space. And Ethereum’s DeFi and liquidity infrastructure certainly provide the resources to make that happen.
Analysts believe the Pepe Unchained token (PEPU) has massive potential. Umar Khan predicts it could 100x.
The analyst suggests that this could be a great Pepe alternative for higher gains in the crypto bull market.
Currently, the PEPU price is $0.01249, but this is expected to rise in under 24 hours.
To learn more, visit the Pepe Unchained presale.
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