The meme coin market has experienced a dramatic shakeup over the past 24 hours. While established tokens like Dogecoin (DOGE) and Pepe (PEPE) suffered heavy losses, a new entrant—Pepe Unchained (PEPU)—has defied the bearish trend, surging 86% on its Uniswap debut following a record-breaking presale that raised over $70 million.
DOGE Price Crumbles Under Selling Pressure
Dogecoin has fallen to $0.39, a level not seen since November, extending its decline to 19% from Saturday's local high. The selling intensified on Monday when the price broke a key trendline on the 4-hour chart, triggering a cascade of liquidations. Spot trading volumes have dropped 27% in the past 24 hours, while leveraged long positions saw over $20 million in losses since yesterday. Analyst Trader Tardigrade remains optimistic, calling the drop a temporary setback and predicting a rebound. 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—three consecutive days of losses.
PEPE Slips from All-Time High Despite Musk's Meme Boost
PEPE has followed DOGE's decline, dropping to $0.000022 after hitting an all-time high of $0.0000282 just days ago—a 20% pullback. The coin briefly dipped below the 50-period EMA on the 4-hour chart but is still respecting an upward-sloping trendline in play since late November. Interestingly, spot volumes remain above $6.8 billion over the past 24 hours, suggesting active trader interest. A wildcard for PEPE is Elon Musk, who has been posting AI-generated Pepe memes from his Grok chatbot on X (formerly Twitter). PEPE's official account has been retweeting these posts, hoping to capitalize on Musk's massive reach.
Pepe Unchained: The New Frog Stealing the Show
While DOGE and PEPE bleed, Pepe Unchained (PEPU) is thriving. After one of the largest meme coin presales in history (over $70 million raised), PEPU launched on Uniswap yesterday and immediately rocketed 86% in the first hour. Even after cooling, it remains 53% above its starting price. In just 24 hours, PEPU has attracted over 39,000 holders and generated more than $25 million in trading volume, pushing its market cap above $170 million. The team has locked nearly $4 million in liquidity, signaling long-term commitment. Telegram channel rumors suggest major centralized exchanges may soon list PEPU, which could send trading volumes even higher. Crypto influencer Austin Hilton, who had been discussing Pepe Unchained in his YouTube videos for weeks, tweeted “I told you” in celebration of the coin's strong start.
As of now, the appetite for new meme coins remains strong, and Pepe Unchained's explosive debut underscores that traders are rotating capital from tired favorites into fresher narratives. Whether this trend continues will depend on broader market conditions and upcoming exchange listings.