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THORChain (RUNE), once a beacon of potential in the DeFi space, has seen its yearly gains evaporate, while newer entrants like Pepe Unchained (PEPU) and PIPPIN soar.

Pepe Unchained and Pippin seem to be riding a trend reversal that has seen most memecoins register modest gains after days in the red.

THORChain, known for its cross-chain liquidity protocol, has experienced a significant downturn, with its price plummeting to $3.35, marking a 10.3% drop in just the last 24 hours and a staggering 28.7% slump over the past year.

This decline has effectively erased all the gains THORChain had accumulated over the year, bringing it back to where it started.

Several factors could be at play here.

Firstly, the broader market’s volatility has not spared THORChain, with the crypto market often moving in tandem with macroeconomic factors like interest rates and regulatory news.

Additionally, there might be concerns about the protocol’s security or operational efficiency, given that any hint of vulnerability can send investors scrambling for the exits.

However, the relatively high trading volume of $546 million in the last 24 hours indicates that there’s still interest, but much of it seems to be selling pressure rather than buying.

While the 14-day RSI indicates that the altcoin has entered into the oversold region, signalling a possible bullish correction, it may not last long seeing that the 9-day MA and the 21-day MA are diverging again.

If the bearish momentum continues, we could see RUNE drop to the support level at around $2.9.

In contrast to THORChain’s woes, Pepe Unchained has been a surprising success story.

With a 24-hour price increase of 25.8%, reaching $0.01158, PEPU could be on its recovery journey after crashing from $0.06801 to $0.0089 in a month.

This surge can be attributed to the broader memecoin resurgence that has seen the likes of Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, Pudgy Penguins (PENGU) and FLOKI turn green after two days in the red.

Pepe Unchained’s thematic connection to the Pepe meme, a staple in internet culture, adds a layer of familiarity and appeal, especially among younger demographics or those looking for speculative gains.

However, the low PEPU trading volume of $3.1 million suggests that while interest is there, it might not be as deep as needed for sustained growth.

If Pepe Unchained can maintain its community engagement and perhaps introduce utility beyond its meme status, like through DeFi applications or NFT integration, there’s potential for further growth.

But as things stand, the memecoin space is notoriously unpredictable, making any long-term predictions a gamble.

The 14-day RSI shows that the memecoin is rapidly approaching the overbought region, meaning bearish correction could be on the table.

The likelihood of a bearish reversal is further supported by the fact that the meme coin is approaching a notorious resistance level at around $0.01244, which it must successfully cross for it to attempt to reach the next resistance at $0.014.

As Pepe Unchained recovers from its recent drop, PIPPIN has perhaps had the most dramatic narrative of all, with its price skyrocketing to $0.2324 after a 226.7% increase in the last 24 hours.

This meme coin, which has seen its value multiply by over 40 times from its all-time low in just 11 days, exemplifies the speculative fervour that can surround new meme coins.

Its massive 7-day increase of 2178.4% likely stems from a combination of viral marketing, social media buzz, and the timing of its launch during a period when investors are on the lookout for the next big thing in meme coins.

However, such rapid gains often come with high risks. The sustainability of PIPPIN’s price surge is questionable, given the speculative nature of meme coins.

If the hype subsides without concrete developments or utility added to the token, PIPPIN could face a significant correction.

On the flip side, if it can capitalize on its momentum by establishing a robust community or integrating with popular blockchain applications, there could be a foundation for more stable growth.

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