Meme Coin Prices Tank as Some Traders Move Funds Into Pepe Unchained ICO
The meme coin market is in freefall, with big names like PEPE and DOGE falling by double-digits in the past 24 hours.
But while most of these coins are struggling, one project stands out.
Pepe Unchained (PEPU) continues to thrive with its ICO closing in on the $17 million mark.
Meme Coins Hit Hard as $7 Billion Wiped Off Market Cap
Meme coin investors are getting hammered right now.
What was supposed to be a strong October has turned into a total disaster.
In just the past few days, over $7 billion has been wiped off the meme coin sectors total market cap.
Its like watching a slow-motion train wreck.
All of the big players are taking hits.
DOGE is down 10%, PEPE and FLOKI are down 15%, and SUNDOG is down 22%.
Spot trading volumes for meme coins have actually jumped to $9 billion in the past 24 hours but thats likely due to the volume of panic selling.
The Crypto Fear & Greed Index has also dropped to 42.
That means its back in Fear mode.
Now, everyones wondering: Is this just a blip, or is it the start of a more extended crypto winter?
No one knows right now, but the situation for meme coins is looking pretty grim.
Spot Crypto ETFs Also Take a Hit
Meme coins arent the only ones feeling the heat right now.
Spot ETFs, which many view as cryptos big move toward mainstream adoption, are also taking a hit.
Fidelitys ETH ETF just had its worst day ever, losing $25 million in a single session.
Thats a whole lot of investors heading for the exit door.
But its not just Ethereum.
Spot Bitcoin ETFs are seeing a similar trend, with a massive $242 million pulled out of them yesterday.
Fidelitys ETF alone saw $144 million disappear.
Traders are getting nervous about these figures, and its hard to blame them.
With all this uncertainty, some are even talking about Bitcoins price falling below $60,000.
Thats a stark contrast to the bullish price predictions that many had just last week.
However, the fact that much of this bearishness has been put down to rising geopolitical tensions is actually giving some investors pause.
Theyre trying to decide whether this dip is a knee-jerk reaction or a sign of deeper issues.
But its anyones guess when (or if) well see a turnaround.
Pepe Unchained Defies Market Chaos with Trending ICO & New Layer-2 Blockchain
While meme coins are crashing and ETFs are bleeding, one project is standing strong: Pepe Unchained.
Despite all the chaos, investors are still pouring money into this project.
Pepe Unchained is bringing some real tech to the table with its Layer-2 scaling solution.
Think super-fast transactions and low fees.
Pepe Unchaineds network aims to be much better than Ethereum, where meme coin trades can be slow and pricey.
The team has identified the issues with these coins and decided to fix them.
And their approach is working.
Pepe Unchaineds ICO has already raised $16.9 million, which is impressive, considering most investors are sitting on the sidelines right now.
During the ICO, investors can get the native PEPU token for just $0.0099.
According to the projects whitepaper, once the ICO ends, the team plans to list PEPU on a top-tier DEX with a CEX listing after if all goes well.
YouTuber Austin Hilton is excited about the tokens prospects.
He released a video last weekend claiming that PEPU could be the biggest meme coin presale launch ever.
Although that may seem over the top, it highlights the enthusiasm around Pepe Unchained despite the market turmoil.
And if this enthusiasm can be sustained, its a project that could be worth keeping an eye on.
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