The meme coin mania is back in full swing, with Pepe again leading the rally.
The Pepe price is up by over 26% in the past day and has hit $0.000012 once again. More importantly, it has reclaimed the $5 billion market capitalization.
The frog-themed meme coin appears poised for a bullish continuation, considering a 156% spike in its daily trading volume. In fact, PEPE is currently seeing a 24-hour volume of $2.18 billion, the 8th highest of any cryptocurrency on CoinMarketCap.
The Pepe bull rally has provided a major boost to other frog-themed tokens, such as PepePAD and Arbi Pepe.
However, experts believe that Pepe Unchained could be the best alternative to PEPE and can potentially offer up to 100x returns.
Why Is Pepe Price Going Up?
It is no secret that Pepe has been massively undervalued, especially after the broader market correction over the past few weeks. Indeed, the meme coin is currently down nearly 30% from its all-time high.
However, experts believe that PEPE could start pushing towards a new high, especially with the spot Ethereum ETFs expected to start trading soon.
Bloomberg analyst Eric Balchunas reports that the SEC has reached out to the issuers and has asked them to submit their final S-1 applications to the Commission’s Division of Corporate Finance. He informs that the SEC is gearing up for a launch on the coming Tuesday, July 23rd.
Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94
— Eric Balchunas (@EricBalchunas) July 15, 2024
The spot ETH ETFs are expected to kickstart the altcoin bull rally. Indeed, experts believe that an altcoin season could start once the ETH/BTC pair - which currently stands at 0.053 - breaks out above 0.06.
More importantly, the Pepe price shows a strong correlation with Ethereum and largely acts like leveraged ETH. Consequently, the ongoing PEPE rally could be investors front-running the ETH ETF launch.
How High Can Pepe Go?
Experts remain confident that Pepe token still has tremendous upside potential, even beyond its current all-time high.
For instance, a popular trader Jintao (@hellojintao) believes that the Pepe coin will reach the $42 billion market capitalization in the coming weeks, which would mean an 8x rally from its current price.
yeah the pepe run to 42.69b just started
— jintao (@hellojintao) July 16, 2024
Similarly, other experts believe that the frog-themed meme coin still has over 20x returns to deliver in this bull cycle.
$PEPE chart update. Another 20x to go in this bull run! 🚀🚀🏹🏹 pic.twitter.com/jLLcv3bOvN
— CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) July 15, 2024
In fact, most analysts are in consensus that Pepe will eventually flip Shiba Inu before this bull market is over.
Is Pepe Unchained The Next Meme Coin To Explode?
With the crypto market on the cusp of a new bull run, new crypto coins are seeing high demand. Notably, several small-scale investors turned into millionaires by investing early in new meme coins.
For instance, experts believe that a new meme token - Pepe Unchained - could potentially offer up to 100x returns after its launch.
PEPU is already off to a strong start, having already raised nearly $4 million in its ICO. The reason behind its early demand is its native, ETH-compatible, Layer-2 blockchain.
Most Pepe copycat tokens are nothing better than pump-and-dump schemes, considering they have minimal retail investment. As such, it is costly to trade Ethereum meme coins that are not already on Tier-1 exchanges, owing to the high transaction fees.
However, Pepe Unchained aims to offer low trading costs, faster transactions and high staking rewards, thanks to its Layer-2 chain. For instance, presale buyers can stake their tokens and start to earn high staking rewards, currently at a rate of over 500%.
Interested buyers can use the over-the-counter widget on the Pepe Unchained website.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
