The Pepe Unchained presale raises $7.6M, attracting new crypto investors despite market volatility (the presale is still ongoing), affirming the demand for meme coins.
Meme coins have always had their share of the market. Following a bear market similar to the one recently seen, meme coins tend to post significant gains compared to layer-1 (L1) and layer-2 (L2) chains.
Solana-based meme coins, for example, were the best performers in H1 2024. Meme tokens launched on Base and Ethereum also witnessed high interest from crypto investors. Pepe Unchained is attempting to innovate the crypto landscape by creating a new layer-2 chain, which may attract new meme projects to the network.
The litmus test will be how crypto traders perceive the first meme projects on the new layer-2 chain, called the Pepe chain.
Despite market volatility, the crypto project has raised $7.6M so far.
Could Pepe Unchained be the next ‘Pepe?’
The chain’s success depends on its ability to stand out in what is becoming a highly competitive niche (L2s). Even Cardano will shortly have its L2 (Hydra). To make waves in the crypto markets, Pepe Unchained has the edge if it can attract new meme coin projects to the chain instead of SOL, ETH, or Blast.
The number of $PEPU (the native token of Pepe Unchained) holders is one metric to explore the chain’s popularity. A large number of $PEPU holders may be sufficient to attract blockchain projects to build on the Pepe Chain.
If the project succeeds in doing so, it may evolve into a ‘meme magnet’ and be seen as the home of new meme cryptocurrencies.
Other tokens featured ‘Pepe’ and have done exceptionally well, such as PepeCoin. The L2 is the main attraction of the project, which could be a great success and differs from prior Pepe tokens.
High interest in $PEPU
The project is already making headlines in the crypto markets. On-chain data shows numerous addresses have shown an interest in Pepe Unchained:
source: etherscan
The recent rebound in the crypto markets appears to have positively impacted the presale. With the presale ending in September, it will be unsurprising to see the team raising over $8M by then.
As long as demand for meme coins remains elevated, investors will seek the next ‘Pepe’ that may generate an extraordinary return.
Upon launch, if the price can sustain its gains and attract centralized exchanges into listing Pepe Unchined, it will place $PEPU in a fairly comfortable position in the crypto market.
