It feels like 2021 again – Dogecoin is leading the meme coin market – and it’s because of Elon Musk. It has pumped 15% in the last day – will it keep surging?
Or will the newly launched Pepe Unchained outperform? It has shown incredible strength lately by raising $23 million in its presale.
Dogecoin Primed For Rally On Election Tailwind and Chart Breakout
Talk about everything falling into place. Dogecoin has found itself entrenched in the biggest political event in years.
The US presidential election is just one week away, and business mogul Elon Musk is playing a big role for the GOP.
And let’s not forget that Dogecoin is Musk’s favourite meme coin.
He even had to fend off a lawsuit that claimed he was responsible for “artificially inflating” Dogecoin’s price in 2021.
Yet, Dogecoin’s relation to the upcoming elections is deeper than that.
Back in the summer, a reporter asked Donald Trump if he would hire Musk should he win the election.
Trump said yes, and Musk happily obliged.
Enter the Department of Government Efficiency (D.O.G.E), a new government unit that Musk will lead to cut US government spending by $2 trillion.
And yes – the department ironically shares an acronym with Dogecoin’s ticker symbol.
It’s the catalyst Dogecoin fans have been waiting years for.
If Trump wins, the US will have a new department called D.O.G.E.
And according to Polymarket data, Trump is on course to win, with a 66.3% chance.
As Musk’s new position unfolds, this provides massive attention to Dogecoin, laying the way for price growth.
And Dogecoin looks equally strong from a technical perspective.
Taking a lower-time-frame outlook, Dogecoin is primed to reach $0.17 after recently breaking a descending megaphone pattern, notes Trader Tardigrade.
DOGE has gained pace since breaking out, and this will likely only intensify with just seven days until the election.
Over a longer time scale, we can expect Dogecoin to reclaim its all-time high.
Degen Ape Trader notes that Dogecoin has formed a three-year bottom but has now started to break out, a clear sign that the next macro leg up is coming.
However, the analyst also points out that if Trump wins the election, there will be room for even more growth.
Sentiment is the highest it has been in ages.
This is good news for the whole meme coin sector. Dogecoin’s rise will draw liquidity which allows smaller projects to rise at a potentially faster rate.
One of the most promising new meme coins on the market is Pepe Unchained. It’s currently undergoing a presale and has raised $23.1 million so far.
Will Pepe Unchained be the Next Meme Coin to Explode? Presale Raises $23M
Although Dogecoin is doing well, Pepe has dominated since launching in 2023.
The team behind Pepe Unchained understands this, hence where they got the idea.
But Pepe Unchained is not some ragtag Pepe imitation – rather, it’s the world’s first meme coin ecosystem.
They’re building an Ethereum layer 2 network that lets developers launch meme coins and related applications.
These could include a meme coin-themed Play-to-Earn game or a meme coin futures trading app. The possibilities are endless.
But here’s why investors are pouring in: everyone knows Ethereum has high fees, but Pepe Unchained fixes that.
“Pepe Chain” is a separate blockchain built on top of Ethereum that offers low fees and transaction speeds 100x faster than the main chain.
It provides a home for meme coins without the usual headaches of using Ethereum.
The concept has huge potential. ClayBro says it “could be the next meme coin to explode.”
He noted the project’s staggering presale success and cited a recent whale buy of almost $60K, which shows massive investor appetite.
Currently, investors can buy $PEPU at presale for $0.01179, but this price will rise throughout the ICO. The next increase will occur in two days.
The presale has raised over $23m so far, showing huge investor interest.
