It’s been a great start to the week for meme coin traders.
DogWifHat (WIF), Solana’s biggest meme coin, has seen its price jump 20% in the past 24 hours.
Traders are also paying attention to Pepe Unchained (PEPU) – with many speculating that it could be next to explode after its presale ends.
DogWifHat Price Spikes – Is the Rally Just Getting Started?
WIF’s price surge has meme coin traders buzzing.
Since yesterday, WIF has jumped to $2.70, a level it hasn’t hit since late July.
This jump brings WIF’s price up 92% over the past month – a massive gain for anyone holding the token.
WIF is now approaching resistance around $2.85.
However, the token’s momentum is strong, with spot volumes up 154% to $647 million in the past 24 hours.
That makes WIF the third most traded meme coin right now.
Futures markets are picking up too, with open interest jumping 33% to $383 million.
Interestingly, there doesn’t seem to be a clear reason behind this sudden rise.
WIF appears to be capitalizing on the broader market’s momentum, with traders beginning to speculate on the token again.
However, as has been seen before, WIF can be highly volatile.
For that reason, traders are watching closely to determine whether this is just a temporary spike or the beginning of an extended uptrend.
Meme Coin Market Turns Green as Bitcoin Price Pumps
The meme coin market is seeing a lot of green right now.
Dogecoin is up 4% since yesterday, Pepe has jumped 13%, and Popcat surged 18%.
The biggest gainer has been First Neiro on Ethereum – shooting up by over 50%.
These rallies have pushed the total meme coin market cap past $51 billion, with spot trading volumes spiking to $5.9 billion.
But what’s fueling all this excitement?
It seems to be linked to Bitcoin’s price movements.
After dipping to $60,000 last Thursday, Bitcoin has bounced back above $63,000, making traders optimistic that we’ve hit the bottom and a new bull run is about to begin.
And as always, when Bitcoin rises, the rest of the market tends to follow.
Meme coins are no exception to this rule.
Traders are now jumping into the market and are willing to speculate on the next big breakout.
Plus, with the potential for two more rate cuts before the end of the year, this trend might keep building steam as traders take advantage of a better economic outlook.
Investors Believe Pepe Unchained Is the Next Meme Coin to Explode After Raising $17.8M
Traders are also paying attention to Pepe Unchained – believing it could be the next big thing.
This new project is gaining attention thanks to its ambitious plan to launch “Pepe Chain,” a Layer-2 network just for meme coins.
Pepe Chain will tackle real issues in the blockchain space.
With promises of speeds up to 100 times faster than Ethereum and low gas fees, it could be revolutionary for meme coin traders.
But that’s not all.
Pepe Unchained’s team is creating an entire ecosystem for the Pepe Chain, including instant bridging, a dedicated block explorer, and a meme-focused DEX.
They’re also offering grants to developers through their “Frens with Benefits” program.
The aim is to build an ecosystem of dApps around the Pepe Chain.
Pepe Unchained’s presale has already raised over $17.8 million in early funding.
Investors can get PEPU tokens through the presale for just $0.00993 each.
However, some crypto experts, like ClayBro, have speculated that this price could 100x after the token goes live on exchanges.
YouTuber Meme Coin Max backed up ClayBro’s bold prediction.
So, with the crypto market rallying, conditions look good for Pepe Unchained to thrive.
That’s why some early backers believe PEPU could be the next meme coin to explode before the end of 2024.
Visit Pepe Unchained Presale
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