Bitcoin (BTC) has had a strong week so far, climbing 7% since Monday as election season ramps up the hype in the crypto market.
Historically, presidential races tend to shake up crypto – and traders are ready to seize the moment.
While BTC’s rally is grabbing attention, Pepe Unchained (PEPU), a new meme coin in presale, is looking ready to explode after raising over $23.3 million in funding.
Bitcoin is trading at $72,300 after nearly hitting March’s all-time high of $73,750 earlier today.
The rally isn’t just about price action – spot trading volumes have climbed another 10% to $52.1 billion in the past 24 hours.
And open interest is holding steady above $23 billion.
Two main factors seem to be fueling Bitcoin’s surge.
First, the buzz around next week’s presidential election, especially with the possibility of a crypto-friendly Trump victory, has many traders excited.
But perhaps as impactful is the wave of institutional money flowing into Bitcoin ETFs.
BlackRock’s IBIT fund alone saw over $300 million in fresh capital on Monday, adding to a massive $479 million in net inflows across all spot ETFs that day.
The data paints a clear picture: US Bitcoin ETF holdings are now at an all-time high of $66 billion.
Plus, CryptoQuant data shows that whale wallets have absorbed 670,000 BTC over the past year.
With Bitcoin hovering near all-time highs, the technical outlook keeps getting more bullish.
The daily chart shows a steady pattern of higher highs and higher lows, while the RSI still has room to go before it hits overbought levels.
This suggests Bitcoin’s rally might still have legs.
The next key target is March’s all-time high of $73,750, but there’s increasing belief that Bitcoin can move toward $75,000 if it breaks through.
Adding momentum is BTC’s market dominance, now at 60% for the first time since March 2021, which has historically been a strong signal for bull runs.
The futures market offers even more insight.
CME futures recently hit $74,485, marking a new record high and showing growing institutional interest.
Analysts are now watching CME basis trends – with rates expected to push above 10% as we approach the end of 2024.
Overall, Bitcoin looks primed for more upside in the near term.
Alongside Bitcoin, another project is performing well.
Pepe Unchained has now raised $23.3 million in presale, and it’s clear why investors are taking notice.
Unlike typical meme coins driven by hype, Pepe Unchained brings a new approach as the first Layer-2 network dedicated just to joke tokens.
Right now, early investors can buy PEPU in presale for $0.01189 each using ETH, USDT, BNB, or a bank card.
Many are choosing to do so because of Pepe Unchained’s tech stack.
The team is developing an entire ecosystem around their Layer-2 network, complete with a block explorer, custom DEX, and a staking app offering 99% APY.
There’s even a developer grants program to attract blockchain builders and create a thriving environment for meme coins.
Unsurprisingly, these features have drawn massive attention to Pepe Unchained.
The project’s Twitter page has over 37,000 followers, while the official Telegram channel boasts 11,000 subscribers.
PEPU has even been ranked second on CoinSniper.net.
But could the token really explode next and follow Bitcoin’s lead?
Given its mix of presale hype and genuine utility, there’s a chance Pepe Unchained will stand out in the meme coin space.
Since most of these coins follow a similar approach, being different could be precisely what PEPU needs to succeed.
The future looks bright for this crypto 2.0 coin.
Visit Pepe Unchained Presale
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