Dogecoin and Pepe dip as traders flock to PEPU after IEO success

Dogecoin (CRYPTO:DOGE) and Pepe (CRYPTO:PEPE) have seen notable declines in the past 24 hours, with Dogecoin dropping 4% and PEPE falling 8%, reflecting a bearish trend in the meme coin market.

Dogecoin’s price has hit $0.39, marking its lowest level since November, and showing a 19% drop from its local high last Saturday.

The decline accelerated on Monday after Dogecoin broke below a key trendline on the 4-hour chart, raising concerns among traders.

Spot trading volumes for Dogecoin have decreased by 27%, while liquidations of long positions exceeded $20 million in the same timeframe.

Some analysts, including Trader Tardigrade, view this as a temporary setback and are closely monitoring the $0.37 level as a potential bottom for Dogecoin’s recovery.

Pepe has also seen a price drop, trading at $0.000022, a 20% decline from its all-time high of $0.0000282 reached just days ago.

Despite the decline, Pepe is maintaining an upward-sloping trendline that has been intact since late November, suggesting the possibility of a rebound.

Trading volumes for Pepe remain strong at $6.8 billion in the past 24 hours, indicating ongoing trader interest.

Elon Musk’s promotion of Pepe memes using his AI chatbot Grok has kept Pepe in the spotlight, with its official account amplifying these posts to leverage the attention.

In contrast to Dogecoin and Pepe, Pepe Unchained (CRYPTO:PEPU) has made a strong debut on Uniswap (CRYPTO:UNI), following a presale that raised over $70 million.

PEPU’s price surged 86% within its first hour of trading and remains 53% higher than its launch price, attracting over 39,000 holders within 24 hours.

The coin’s market cap has surpassed $170 million, supported by $4 million in locked liquidity, signaling long-term commitment from its developers.

Discussions within PEPU’s Telegram community suggest that major centralised exchanges may list the coin soon, which could further boost trading volumes and interest.

Crypto influencer Austin Hilton celebrated PEPU’s performance, tweeting, “I told you,” after weeks of promoting the project on his YouTube channel.

PEPU’s rapid success showcases a strong appetite for new meme coins, positioning it as a significant competitor to established players like Dogecoin and Pepe.

The meme coin market remains volatile, with Dogecoin and Pepe facing challenges while Pepe Unchained emerges as a standout performer, reflecting traders’ ongoing interest in innovative and fresh crypto projects.

At the time of reporting, Dogecoin price was $0.4177.