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The crypto market has had an eventful few days, with two tokens grabbing the spotlight for very different reasons.
FTX Token (FTT) shot up by over 110% on rumors of a potential $16 billion repayment to FTX creditors.
At the same time, Pepe Unchained (PEPU) has also caught the community’s attention – passing the $16 million mark in its presale over the weekend.
FTX Token Makes Surprise Comeback
FTX Token has made an explosive comeback.
On Sunday, FTT’s price shot up by 113% in a matter of hours, hitting an intra-day high of $2.94.
That was the token’s highest price since March 6th.
FTT’s pump was due to rumors that FTX – the now-bankrupt exchange – was about to repay creditors a massive $16 billion.
As these rumors spread, traders piled in, pushing FTT deposits on exchanges to a 10-month high.
But there was a catch: the rumors were unconfirmed.
Even without any official word, the mere hint of a repayment was enough to end FTT’s price surging.
FOMO likely fueled the buying spree, with traders hoping the token would continue rising.
However, a reimbursement plan hasn’t even been approved by a court of law yet.
The next court hearing about repayments isn’t until October 7th.
So, FTT’s pump is another reminder of just how quickly hype and speculation can move a token.
Crypto Volatility Ramps Up Ahead of 2024’s Final Quarter
FTT’s rise comes at a turbulent time for crypto overall.
In the past few days, we’ve seen a bit of everything.
Bitcoin briefly broke $66,000 late last week but has pulled back over the weekend.
Ethereum and Binance Coin have also taken slight dips, while Solana managed to hold on to an 8% gain over the past week.
However, despite the ups and downs, interest in crypto is still strong.
Spot trading volumes are up 28% in the past 24 hours, and the Crypto Fear & Greed Index is sitting at 61.
That’s firmly in “Greed” territory.
There’s also been a string of positive news lately.
Spot Bitcoin ETFs have seen $494 million in inflows in the past few weeks, while MicroStrategy added over 25,000 BTC to its holdings.
US equity markets and gold also hit record highs.
And with the potential for two more rate cuts before the end of 2024, investors are curious to see how the market will react.
New Presale Coin Pepe Unchained Passes $16M as Layer-2 Plans Go Viral
While everyone’s been focused on the FTT drama, there’s another token that’s quietly picking up steam.
Pepe Unchained, a new meme project that combines Pepe the Frog with Layer-2 tech, is beginning to go viral.
Over the weekend, the project’s presale passed the $16 million milestone.
Pepe Unchained’s mix of meme appeal and genuine utility has caught the attention of investors who believe it offers something different.
The project’s core feature is a brand-new Layer-2 network for Ethereum.
But unlike Base and Arbitrum, this network is focused on one thing – meme coins.
It’ll offer super-quick transactions, low fees, and a central “hub” for meme coin traders and creators.
And there’s more, since the Pepe Chain will even have a built-in staking app.
At the time of writing, this app offers estimated APYs of 130% – and investors have already locked up over 1.1 billion PEPU.
This setup has helped Pepe Unchained gain a huge following online.
The project now boasts over 23,600 Twitter followers and 8,500 Telegram subscribers.
CoinSniper has also ranked PEPU second on its list of upcoming crypto launches to watch.
So, with FTX Token’s recent pump showing how quickly excitement can drive price action, Pepe Unchained could also be in line for further growth.
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