The meme coin market experienced a sharp divergence in the past 24 hours: Dogecoin (DOGE) and Pepe (PEPE) suffered significant losses, while the newly launched Pepe Unchained (PEPU) staged a massive rally on Uniswap, drawing billions of dollars in trading activity.
DOGE Price Collapses as Selling Pressure Mounts
Dogecoin has dropped to $0.39, a level not seen since November. What began as a minor dip over the weekend turned into a full-blown sell-off, now down 19% from Saturday's local high. On Monday, the price broke through a key trendline on the 4-hour chart, and the bleeding shows no sign of stopping. Daily spot trading volumes have plummeted 27%, while leveraged traders are being crushed—over $20 million in long positions have been liquidated since yesterday. Despite the carnage, analyst Trader Tardigrade believes this is just a temporary setback, expecting DOGE to rebound soon. Some traders are watching the $0.37 level as a potential bottom. If DOGE closes in the red today, it will mark its longest losing streak since September, with three consecutive days of losses.
PEPE Falls from All-Time High Despite Musk's Meme Support
PEPE has followed DOGE's downturn, falling to $0.000022 after hitting an all-time high of $0.0000282 just days ago. The coin has lost about 20% of its value since that peak. However, it still respects an upwards-sloping trendline from late November on the 4-hour chart, and spot volumes remain above $6.8 billion over the past 24 hours, indicating continued trader interest. Elon Musk has been flooding his X feed with AI-generated Pepe memes from his Grok chatbot, and PEPE's official account has been retweeting these to capitalize on the attention. Yet the price action remains weak.
Pepe Unchained Defies the Trend: 86% Surge on Uniswap Debut
In stark contrast, Pepe Unchained (PEPU) made a spectacular entrance on Uniswap yesterday, following one of the largest meme coin presales ever, which raised over $70 million. The token price surged 86% in the first hour before cooling off, but it still trades 53% above its opening price. Within 24 hours, PEPU recorded over $25 million in trading volume, attracted 39,000 holders, and pushed its market cap above $170 million. The team has also locked nearly $4 million in liquidity, signaling long-term commitment. Rumors are swirling in the project's Telegram channel about potential listings on major centralized exchanges (CEX), which could further boost trading volumes. Prominent crypto influencer Austin Hilton, who had been promoting PEPU on his YouTube channel for weeks, tweeted “I told you” after the coin's strong performance. PEPU's success is now diverting capital away from DOGE and PEPE, highlighting the market's appetite for fresh meme coin narratives.
Disclaimer: This article is based on publicly available market information and is for news purposes only. It does not constitute investment advice. Meme coin markets are highly volatile; please conduct your own due diligence.