Amid growing uncertainty, the cryptocurrency market has taken a major hit over the past week, with Bitcoin (BTC) falling 26.60% to $51,079.00 and other top cryptocurrencies also falling. This was particularly evident in the meme coin space.
Pepe (PEPE) has lost 26.89% in the past 24 hours, dropping to a price of $0.000006148 per token. The ongoing sell-off has further exacerbated the situation, with daily trading volume increasing by 132% to $1,832,002,039.
The memecoin giant collapsed
Tokens like PEPE have been falling all week, with Pepe’s value down 49.83% in a week with no clear bottom in sight. Despite its previous growth, the token is down 24.90% over the past month.
However, many on Twitter remain bullish on the token, with many experts expecting the price of PEPE to rebound. However, when and if this will happen remains to be seen.
The rest of the memecoin space hasn’t fared too well, with Dogecoin (DOGE) down 21.15% in the past 24 hours to $0.08443, and the likes of SHIB and BONK down around 20%.
However, Pepe-inspired tokens were particularly affected by the crash. Brett (BRETT) fell 26.00% and is down 54.24% on the week. While the Base blockchain continues to grow, its mascot has had a hard time gaining a foothold in the market. That being said, many long-term investors see the potential of the token and are investing heavily to enter the market.
Why did the market crash?
Although experts are unsure of the exact cause of the accident, there are definitely some negative factors that played a role in it.
Part of the reason for the decline was the momentum that began on August 5, triggered by the German government and the now-defunct Mt. Gox exchange, which collapsed in 2014 and began distributing more than $9 billion in BTC to creditors, which put a huge amount of selling pressure on the market.
The German government, which holds a large amount of Bitcoin, began to sell more than 16,000 Bitcoins, worth nearly $100 million. These two factors led to a significant increase in the supply of Bitcoin, causing its price to fall.
In addition, global stock markets have also had problems related to the cryptocurrency market. Last week, more than $879 billion evaporated from the U.S. stock market, and Japan's Nikkei 225 index fell 12%, the second worst single-day performance since 1987.
Beyond that, instability and conflict have done significant damage to the prices of assets considered “risky”, such as Bitcoin and especially meme coins. Unemployment in the US is rising, and a conflict between Iran and Israel is brewing as political tensions rise.
However, while market trends are powerful forces, sometimes a currency still has enough potential to grow no matter how low the market goes.
Pepe Unchained could be one such token, with its price approaching the $7.5 million mark in its ongoing presale, that has the potential to defy the bear market.
Pepe Unchained ICO continues to rise despite market conditions
Pepe Unchained (PEPU) is a brand new layer 2 blockchain focused on meme coin development. Its goal is to provide users with 100 times faster speeds than ETH, lower transaction fees, and a dedicated block explorer.
Despite the market crash, PEPU’s presale raised over $7 million at $0.00875 per token, demonstrating strong investor interest and confidence. A large portion of these funds went into the staking program, which offers an annualized return of 266%, allowing investors to more than double their token holdings in a year.
Pepe Unchained has passed two security audits by Coinsult and SolidProof, ensuring the safety of investors’ funds.
This combination of Pepe-inspired meme appeal and real-world utility has experts very bullish on PEPU. The token has been favored by the likes of 99Bitcoins, a YouTube channel with over 700,000 subscribers following all its developments, calling it “the next Pepe” and expecting a 10x return.
Will PEPE UNCHAINED Become the Next 10X Meme Coin? $PEPU Raises $4,000,000
With less than a day left until the next price increase, investors should act quickly to buy PEPU at current prices.
