The crypto market has regained bullish momentum today, and Pepe is among the leading meme coins to see a recovery, with its price up 13% earlier.
Meanwhile, the new Pepe-themed token Pepe Unchained is also gathering pace as its presale nears the $3m milestone.
Pepe Price Rises Amid Ethereum ETF Development
Advancements around Ethereum ETFs have triggered Pepe and the wider crypto market’s growth today.
Due to its scale and proximity to the Ethereum network, Pepe’s price often mimics ETH’s, except with greater volatility.
ETH received a boost today as all spot ETF applicants filed updated S-1s.
JUST IN: All spot #Ethereum ETF applicants filed updated S-1’s
• Fidelity
• VanEck
• Franklin
• 21Shares
• Grayscale
• BlackRock
— Watcher.Guru (@WatcherGuru) July 8, 2024
The applicants are VanEck, Grayscale, Fidelity, BlackRock, 21Shares, Franklin Templeton, and Bitwise.
The Securities and Exchange Commission (SEC) approved the applicants’ ETH ETF 19b-4 filings in May, but they also need to greenlight their S-1s before the ETFs can launch.
As such, today’s filings reflect the progression in the journey to ETH ETF launches, and the market has reacted with considerable bullishness.
Earlier today, the total crypto market cap was up 3.7%, while Pepe pumped 13%. While those figures have pulled back slightly since earlier, both are still in the green
Pepe currently trades at $0.000009366 but remains down 18% this week and 22% this month.
That said, Pepe is up over 600% this year, and its success shows no signs of slowing down.
Its 24-hour trading volume is $1.1 billion, up 52% today.
Despite a valuation significantly lower than market leaders Dogecoin and Shiba Inu, its trading volume eclipses both of theirs.
“PEPE is still doing over $1 billion in volume every 24 hours – there’s no stronger coin this cycle,” said Brian Garrett.
Analysts are optimistic about a strong recovery.
Jameson predicts Pepe’s downside momentum is spent, and a move toward a new all-time high (ATH) is imminent.
The analyst’s price chart exhibits a continuous upward trajectory, pushing Pepe to $0.000032 – a 242% gain from today’s price.
Meanwhile, popular trader Dave Satoshi alludes that Pepe is about to commence an uptrend and speculates it might be the last time Pepe trades under $0.00001.
Pepe has been the front-running meme coin of the current market cycle.
It has frequently outperformed Dogecoin and Shiba Inu in price gains and trading volume.
As such, it’s no surprise that analysts are backing it for a strong performance in the coming weeks.
This is good news for the new Pepe-inspired meme coin Pepe Unchained, which is also seeing gains in its presale.
Could This be the Next Crypto to Explode? Pepe Unchained Presale Nears $3M for Layer 2 Meme Coin
As the lore of Pepe spreads, so does the number of tokens paying homage.
These tokens are referred to as the “Pepe bloodline,” and many, like Brett and Book of Meme, have achieved significant success.
But now, Pepe Unchained is launching and will be the first Pepe bloodline token with its own Ethereum layer 2 blockchain.
It fills a similar role to Arbitrum, Polygon, and Optimism – processing transactions faster and cheaper than on the Ethereum mainnet.
The big difference is that it’s dedicated to meme coins. It’s the first time the $40 billion sector will have a home within the Ethereum ecosystem.
Pepe Unchained also has a staking mechanism with a 660% APY and is building an Ethereum bridge and a block explorer.
Having drawn $2.8 million in presale investments, prominent industry traders are paying close attention to $PEPU.
ClayBro highlighted its compelling use case and believes that improving market conditions could mark a perfect time to buy the presale.
“Things are bouncing back up, which could be an excellent time to buy,” he said.
However, potential buyers are against the clock. The current Pepe Unchained price is $0.0083258, but this will rise as the campaign advances.
According to its website, the next increase will occur in one day.
Visit Pepe Unchained Presale
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