New Pepe Coin Defies Market Crash with $8.5 Million Fundraise

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Sam is a financial journalist with a focus on cryptocurrency market news, based in London. With a Master’s Degree in Development Management from the London School of Economics, Sam’s passion for...

Frog coins are defying the broader crypto market pull-back as Pepe coin (PEPE) fuels strength across the meme coin vertical, yet less than a day before the next major price increase – the Pepe Unchained (PEPU) presale has smashed $8.5M.

Traders’ overstated hopes of a pump at the tail end of Ethereum Spot ETFs launching trading have ended in disappointment, a move reminiscent of January’s -20% BTC ETF sell-off.

At the heart of the downside is Jump Capital, which opted to dump assets into a low volatility weekend (Aug 3-4) in a move which saw a -33% correction across the crypto market.

$ETH

Actually the first time this piece of shit has confluent supports and doesn't look too bad

I'm actually intrigued for the first time in what feels like years pic.twitter.com/YaBtpMPNMW

— DonAlt (@CryptoDonAlt) August 12, 2024

Yet, despite the wider market downturn stemming from the event, meme coin markets are holding fairly strong—with eagle-eyed retail investors remaining bullish about potential market growth once the FUD has cleared.

Meme coins remain in the crosshairs of prominent crypto influencers, and Pepe coin sentiment remains largely bullish on the long term as holders continue to target market caps up to $50Bn (implying up to a 10x move over the next year).

Looking at the chart, Pepecoin is in a strong position, and PEPE is currently trading at a market price of $0.00000802 (representing a 24-hour change of -2.2%).

In its current form, the PEPE price appears resilient, with a strong position established following a local bounce at bedrock