- Major meme coins PEPE and WIF have declined 9% and 11% respectively since Wednesday
- Total meme coin market capitalization has dropped to $60 billion amid broader market uncertainty
- Bitcoin Price fell to $68,800, triggering $76 million in long position liquidations
- Coinbase‘s disappointing earnings report and Trump’s declining election odds contributed to market pressure
- New project Pepe Unchained (PEPU) continues presale momentum, approaching $24 million raised
Meme Coin Market Faces Significant Correction
Popular meme cryptocurrencies have experienced notable declines this week, with PEPE dropping 9% and DogWifHat (WIF) falling 11% since Wednesday. The correction has extended to established tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), bringing the total meme coin market capitalization down to $60 billion.
Despite current market conditions, prominent trader Murad maintains an optimistic outlook, stating that the meme coin sector remains in its “early stages” of a broader supercycle.
Bitcoin Volatility Triggers Mass Liquidations
The leading cryptocurrency Bitcoin has retreated to approximately $70,100, after touching lows of $68,800. This 4% decline from Tuesday’s peak has resulted in over $76 million in liquidated long positions within 24 hours.
Several factors have contributed to the market downturn:
- Coinbase released disappointing quarterly results, missing both profit and revenue expectations
- The exchange’s stock price declined 19% over three days
- According to Polymarket, Donald Trump‘s election probability decreased to 61%
The broader financial markets have also shown weakness, with the S&P 500 experiencing its largest single-day decline since September, shedding nearly $800 billion in value.
Pepe Unchained Maintains Growth Despite Market Pressure
While established meme coins face selling pressure, newcomer Pepe Unchained (PEPU) continues to attract investor interest during its presale phase, approaching the $24 million milestone. The project is currently offering tokens at $0.01199.
The platform’s technical roadmap includes:
- Development of Pepe Chain, a Layer-2 blockchain specific to meme coins
- Transaction speeds claimed to be 100 times faster than Ethereum
- Reduced gas fees compared to existing networks
- Implementation of cross-chain bridges
- Launch of a decentralized exchange (DEX)
- Creation of a block explorer
The project has gained traction on social media platforms including Twitter and Telegram. Its staking program offers 98% APY and has attracted over 1.6 billion staked tokens.
CoinSniper.net currently ranks Pepe Unchained as the second most popular project on its platform, indicating sustained investor interest despite challenging market conditions.
These developments suggest that while established meme coins face short-term pressure, new projects with technical utility continue to attract capital in the cryptocurrency market.
Previous Articles:
- Pepe Unchained Raises $23.9M in Presale, Aims to Surpass Original Pepe in 2025
- Elon Musk Warns of ‘Financial Emergency’ as He Joins Trump Campaign Trail
- Bitcoin Nears All-Time High at $73,750 as ETF Demand Fuels Rally
- Consensys Fights Back: MetaMask Creator Counters SEC’s Securities Allegations
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