Bitcoin price dips but this new crypto ICO is raising millions

Bitcoin and Pepe Unchained: Market Update

Bitcoin has experienced a retracement after encountering resistance near $100K, currently trading around $93K. However, several altcoins, including Pepe Unchained, are experiencing growth.

Bitcoin Reverses Amidst Profit-Taking

Bitcoin's recent surge was attributed to Trump's presidential election win. However, analysts believe that long-term holders took this opportunity to realize profits, especially as $100K was anticipated to present a formidable barrier.

Andre Dragosch of Bitwise noted that "long-term holders have distributed significant amounts of bitcoins" during the recent rally. However, he emphasized that this may be a "bull market correction" rather than a trend reversal.

Elevated funding rates have also been cited as a contributing factor to Bitcoin's decline. Market intelligence platform IntoTheBlock highlighted that funding rates have normalized, potentially signaling an end to the leverage flush and a resumption of the rally.

Analyst Outlines Bullish Case for Bitcoin

Despite the retracement, Miles Deutscher presents several arguments for Bitcoin's continued upward trend. He cites December's historical bullishness for crypto and Trump's win as tailwinds for market growth. He also suggests that Trump's inauguration day, January 20th, could trigger a further rally.

Michael Saylor of MicroStrategy believes that Bitcoin's current situation is similar to November 2020, when the coin rejected $20K but surged beyond it two weeks later. He suggests that $100K is a "psychological barrier" similar to $20K at that time.

Pepe Unchained Continues to Attract Investment

Amidst Bitcoin's retracement, the presale of Pepe Unchained, a Pepe-themed Ethereum layer 2 blockchain, has surpassed $54 million. This demonstrates the strong demand for the token.

Pepe Unchained aims to provide a platform for meme coins within the Ethereum ecosystem. It offers features such as a meme coin generator, staking, a block explorer, a decentralized exchange, and a dedicated Ethereum bridge.

Analysts believe that Pepe Unchained has the potential to be a major player in the crypto space. ClayBro has referred to it as the potential "top meme coin of 2025." The token is set to list on tier-1 exchanges in 16 days.

Disclosure: This article is not intended as investment advice. The content is for educational purposes only.