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.

Two tokens have had a very different week in the crypto market.

FTX Token (FTT) has soared by over 110%, thanks to rumors of a potential $16 billion repayment to FTX creditors.

At the same time, Pepe Unchained (PEPU) has also quietly passed the $16 million mark in its presale.

FTT Surges amid Rumors, but Catch is Rumors

FTX Token has made a surprising comeback over the weekend.

On Sunday, FTT’s price shot up by 113% in just a few hours, hitting an intra-day high of $2.94.

That was the token’s highest price since March 6th.

The token’s massive pump was due to rumors that FTX – the now-bankrupt exchange – was getting ready to repay creditors a massive $16 billion.

As those rumors spread, traders reacted by piling into FTT, pushing the token’s exchange deposits to a 10-month high.

But here’s the catch: those rumors remained unconfirmed.

Despite the lack of any official word on the matter, the mere hint of an upcoming creditor reimbursement was enough to send FTT’s price surging.

FOMO likely played a role in traders’ buying spree, hoping that the token would continue rising as it did.

However, a creditor reimbursement plan has not even been approved by a court of law yet.

The next court hearing on the matter isn’t until October 7th.

So, FTT’s recent pump serves as another reminder of how quickly hype and speculation can move a token’s price.

Crypto Volatility Ramps Up Ahead of 2024’s Final Quarter

FTT’s massive gains come 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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