Pepe (PEPE) is currently experiencing a significant price surge, attributed to the news of ex-Binance CEO Changpeng Zhao’s earlier-than-expected release from prison. The anticipation surrounding this development has sparked speculation about the potential for Pepe Unchained (PEPU), a new Layer-2 meme coin, to follow suit and experience a similar surge in value.
The recent price movement of PEPE is quite notable, with a 17% increase over the past 24 hours, reaching $0.0000104 – its highest price in nearly two months. This surge represents a 31% gain since Monday, indicating significant positive momentum in the market. Additionally, PEPE closed above the $0.000010 level on the 4-hour chart, prompting excitement among traders who are eagerly awaiting a potential daily timeframe close above this level.
The trading volume for PEPE has also seen a notable uptick, with spot volumes rising by 41% to $1.2 billion. As a result, PEPE currently ranks as the third most traded meme coin, reflecting the heightened interest and activity surrounding the asset. Furthermore, open interest has increased by 29% to $163 million, signaling a surge in speculative buying behavior among investors.
The bullish sentiment surrounding PEPE can be attributed to multiple factors, including the news of CZ’s early release and a positive Q4 forecast by Markus Thielen, head of research at 10x Research. Thielen predicts a strong rally in the fourth quarter of 2024, especially with Bitcoin surpassing $65,000 once again. He suggests that Bitcoin’s resurgence could trigger FOMO in the altcoin market, driving bullish sentiment across the entire cryptocurrency space.
Moreover, the Crypto Fear & Greed Index currently sits at 61, indicating a shift towards “Greed” territory for the first time since July 31st. This shift, coupled with the possibility of two more rate cuts before the year concludes, suggests that meme coins like PEPE could be in for an exciting end to 2024.
In the midst of this market fervor, a new project called Pepe Unchained has garnered attention and investor interest. The project has raised $15.6 million in its presale phase, with PEPU tokens priced at $0.00986 each. Pepe Unchained distinguishes itself from other meme coins by incorporating a Layer-2 blockchain, promising faster and more cost-effective transactions than Ethereum.
Furthermore, Pepe Unchained’s ecosystem includes a custom decentralized exchange (DEX), a block explorer, and instant bridging capabilities back to Ethereum. The project also offers a “double staking” app for PEPU holders, currently providing annual yields of 136%. Notably, over 1.1 billion PEPU tokens have already been staked, indicating strong community engagement and anticipation for the project’s official launch.
As Pepe Unchained approaches its first DEX listing, investors and enthusiasts are closely monitoring its performance and potential for growth. The project has undergone audits by SolidProof and Coinsult, which found no issues with the token’s code, instilling confidence among stakeholders. With a vibrant community on social media platforms like Twitter and Telegram, Pepe Unchained is poised for success in the evolving meme coin landscape.
Overall, the convergence of positive market factors, including CZ’s release, a bullish Q4 forecast, and the emergence of innovative projects like Pepe Unchained, sets the stage for an eventful conclusion to 2024 in the cryptocurrency space. As investors navigate the dynamic landscape of digital assets, the potential for significant growth and opportunity remains a focal point of discussion and speculation.
