Meme coin prices are surging as retail investors’ appetite for new meme coins shows no signs of slowing down. Now, is analyst Pepe Unchained the next pump?
In this article, explore the latest meme coin price trends and uncover whether $PEPU could be the most profitable meme coin investment opportunity of Q3.
A glance at the leading meme coins paints an initially bleak view of the meme coin sector.
However, this disguises emerging signs of strength – such as the $1Bn growth in the total meme coin market cap over the past 24 hours, fuelled by an inflow of almost $750M in additional volume.
Is Justin Sun's TRON The Main Source of Meme Coin Growth?
Notably, much of the recent growth in the meme coin vertical has stemmed from a surprise ‘TRON narrative’ triggered after the silver-tongued Justin Sun launched a Pump.Fun clone named ‘SunPump’ this week.
In the first 24-hours following the launch of SunPump, which enables users to create so-called ‘shitcoins’ for free – without even adding liquidity, a shocking 4,844 meme coins were deployed.
This number has now ballooned, with TRON sector dominance rising to an impressive 7.46% of the total cryptocurrency volumes over the past 24-hours.
Yesterday saw perhaps the biggest day of this ‘Tron Narrative,’ with a shocking 6,005 new meme coins launched via SunPump, generating the network a shocking $2.7M in daily revenue.
And this morning (August 21), there has already been 2,362 meme coins launched, and it will be interesting to see if this snowballs to exceed Yesterday’s ATH volumes – or whether this narrative is already fleeting as some suspect.
One potential weakness for this narrative is Tron’s uniquely high transactional fees, which can be close to $2 per transaction—expensive compared to Ethereum’s all-time low gas fees (at present).
Ethereum Meme Coins Will Surge With Low Gas Fees: Pepe Unchained Is Analyst Favorite
As Ethereum’s gas fees plummet, expectations are growing that this could incentivize a return of trading volumes as the second-largest chain becomes more accessible to plankton retail investors.
Standing out in a sea of meme coins, one project achieving viral success is Pepe Unchained ($PEPU), which has exploded in recent months due to its potential catalyzing of a frog coin bull run.
At the heart of this theory is Pepe Unchained’s flagship project, a layer-2 blockchain for Pepecoin, which for too long has been stuck on the clunky ERC-20 layer-1.
This can be compared to Shiba Inu’s Shibarium, launched in 2023, which triggered renewed interest in SHIB.
With such a unique and useful launch (the creation of a designated frog coin layer-2), it comes as no surprise that the $PEPU presale has already exploded to $9.75M raised.
We've just hit $9.5M!
— Pepe Unchained (@pepe_unchained) August 20, 2024
So close to the next big milestone! Pepe Unchained is unstoppable and we're only getting started. Huge thanks to everyone on this journey with us!pic.twitter.com/l5SOUSpkJF
So don't miss out on this exciting investment avenue.
The post Meme Coin Prices Rally – Find Out Which Coin Is Set to Soar Next appeared first on Cryptonews.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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