TLDR
- PEPE coin has surged 30-35% in 24 hours, becoming the most traded memecoin
- A crypto whale has accumulated 2 trillion PEPE tokens worth about $4.36 million
- Open interest in PEPE futures has reached $531 million, nearly an all-time high
- 65% of Binance traders are betting on further gains, with 22% more upside potential
- Technical analysis shows a bullish breakout pattern with price targets at $0.000013344
PEPE has surged by approximately 35% on May 8. This rapid growth pushed the memecoin past the $0.000010 psychological barrier and established it as the sixth most traded cryptocurrency globally, excluding stablecoins.
The rally coincided with Bitcoin crossing above the $100,000 mark, creating favorable conditions for memecoins overall. PEPE is currently trading at around $0.00001091, levels not seen since February 4, 2024.
What makes this surge particularly notable is that PEPE has overtaken Dogecoin in daily trading volume. It has become the most actively traded memecoin in the market during this period.
Several key factors are driving this impressive price movement. One major catalyst is whale accumulation. According to data from Lookonchain, a prominent crypto investor with $147 million in crypto assets has been actively purchasing PEPE tokens.
This whale withdrew 1.5 trillion PEPE from Binance on April 30. They added another 500 billion tokens recently, bringing their total holdings to an impressive 2 trillion PEPE tokens.
This accumulation represents approximately $4.36 million in value, signaling strong confidence in PEPE’s long-term prospects from major investors.
Technical Indicators Point Upward
The technical picture for PEPE is equally bullish. The price rally began with a long-legged doji candle on May 6, completing what traders call a morning star pattern. This reversal formation led to the subsequent 35% price jump on May 8.
PEPE has now crossed above its 200-day Exponential Moving Average (EMA), which typically signals an extended uptrend. The positive crossover in the MACD and signal lines further supports this optimistic outlook.
Analysts note that PEPE recently broke out of a Descending Broadening Wedge pattern. This bullish signal confirms a shift in momentum that could lead to a 120-140% rally in the mid-term.
Meme coins are heating up again, with $PEPE leading the charge 🐸
Open Interest just hit $531M – closing in on its ATH of $555M 📈
$5.71M in shorts just got wiped out 🔴 pic.twitter.com/qP2oQZ8DFr
— Trader Edge (@Pro_Trader_Edge) May 9, 2025
Based on Fibonacci retracement levels, the current run has exceeded the 23.60% level at $0.00001025 and is now targeting the 38.20% level at $0.000013344. This projects an additional upside of 22% from the current price.
However, traders should be aware that a retest of the 23.60% level could occur, risking a 6% downside and potential loss of the 200-day EMA support. If this support fails to hold, PEPE could see an 18% drop to retest the $0.000008832 level.
Derivatives Market Shows Strong Interest
The derivatives market for PEPE is heating up rapidly. Open interest in PEPE futures has increased by 6.6%, reaching more than $531 million. This figure is just $14 million shy of PEPE’s all-time high of $545 million.
This surge in open interest indicates that more traders are betting on PEPE’s next move. The open interest weighted funding rate has spiked to 0.0118%, reflecting the bullish trade volume increase.
In the past 24 hours, approximately $1.57 million worth of trades were liquidated. About $1.45 million of that came from short positions, suggesting a classic short squeeze where traders betting against PEPE were caught off guard.
On Binance, 65% of traders currently hold long PEPE positions, pushing the long/short ratio to 1.86. This overwhelming bullish sentiment in the derivatives market provides additional support for potential price gains.
The bearish shakedown of $5.71 million in short positions further bolsters the optimistic outlook for PEPE’s price movement in the near term.
Some market analysts project even more dramatic gains if the bullish momentum continues. In an optimistic scenario where the market remains bullish and PEPE maintains its uptrend, some predict gains exceeding 1,200%, with a price target of $0.000080 within the next bullish cycle.
This would represent a 10x increase from current levels, though such projections should be viewed with appropriate caution given the volatile nature of memecoins.
PEPE is currently experiencing a small pullback with a 1.84% intraday decrease, which many traders view as a normal breather after such a rapid ascent.
The most recent data shows PEPE trading at $0.00001124, maintaining most of its gains from the recent rally as traders look toward the next potential price targets.
