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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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Meme coin watchers are wondering if Pepe ($PEPE) is on the verge of a major breakout. Sitting comfortably as the third largest meme coin with a market cap of over $3.4 billion, Pepe’s gains overnight and over the week have made it a better performing asset than the two leading meme coins.
At its current price of $0.058187, Pepe has risen 3.4% in the last 24 hours and 14.3% in the last seven days.
By contrast, sector leader Dogecoin ($DOGE), which has more than quadruple the market cap at around $15.7 billion, only added 2% overnight and about 7% over the week. It currently changes hands at $0.1073.
The number two meme coin, Shiba Inu ($SHIB), posted similar gains to $DOGE. $SHIB advanced 1.2% on the day and nearly 11% on the week to trade at $0.00001449.
Both leading canine meme coins moved roughly in line with Bitcoin ($BTC), which grew 1% overnight and 9.4% over the week to $63,347.
Pepe Price Analysis – Here’s the Latest
Pepe may have defeated the two largest doge-themed coins, but this week its rally was upstaged by DogWifHat ($WIF), which grew 17.5% since last Monday, and Ethereum’s $NEIRO, which mooned 228% over the week.
However, Pepe has plenty of room left to rally.
Although it has faced stiffening resistance since the start of summer, as indicated by the falling red line.
Its relative strength index (RSI) of 57 indicates consistent buying could end up crystallizing the token’s current price as a new support level as it aims to retake $0.00001 by mid-week.
You’ve Met Pepe ($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 $14.7 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, thanks to a giant community of application developers and consumers who have together made the network the number one blockchain for decentralized finance (DeFi).
However, 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 142%) 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.
