Whales dump 1.16 trillion Pepe coins, Pepe Unchained presale raises $11 million

Pepe Unchained ($PEPU) raised over $11 million in pre-sale, and it looks like its push to become the top Pepe token in the meme coin space continues.

Funds raised are expected to exceed $12 million next week on strong momentum and waning interest from investors who held its predecessor, Pepe ($PEPE). These holders sold over $1 trillion of PEPE on Wednesday.

Pepe Unchained aims to be a superior alternative to $PEPE, promising lower transaction costs and faster Pepe holdings. Its new proprietary blockchain will also serve as a launch pad for future meme coins and other tokens, leveraging the same efficient transaction costs as $PEPU.

Investors dissatisfied with their current Pepe ownership experience still have the opportunity to purchase $PEPU tokens at a discounted presale price of $0.00938510.

However, the price will rise to $0.00942260 in less than 48 hours as the project is about to successfully close another funding phase.

While meme coins have been underperforming recently, $PEPE, the third largest meme coin, appears to be facing tougher challenges.

Big wallet holders withdrew about $1.16 trillion in PEPE on Wednesday, worth $8.96 million, according to IntoTheBlock.

More worryingly, there were massive inflows of $PEPE into exchanges on Wednesday and Thursday, worth almost as much as the $8.64 million the whales dumped, according to Coinglass data. While this volume is not huge for a meme coin with a market capitalization of $3.2 billion, it could still have a significant impact on the price, and $PEPE’s price is already showing signs of further decline. Over the past three months, $PEPE is down 45.91%, a significant decline for a coin that led the meme coin bull run a year ago.

However, the biggest threat to $PEPE’s future is not just the massive whale withdrawals, but the root cause of these withdrawals – the crypto market’s shift towards better alternatives. While Pepe will always remain in the meme world, there is only one Pepe that can satisfy the needs of the crypto market, and right now, that appears to be Pepe Unchained.

Pepe Unchained surpasses $11 million funding goal as whales pull out of $PEPE. Last month, one whale even invested $20 million in $PEPU. Although not yet listed on a major exchange to increase liquidity, Pepe Unchained has all the potential to overtake $PEPE as the third-ranked meme coin market.