- Pepe Coin surged 35%, overtaking Dogecoin in trading volume, driven by whale accumulation, bullish technical signals, and rising futures market interest.
- With strong momentum and 65% of Binance traders betting on further gains, analysts project additional upside, though risks of pullbacks remain.
Pepe Coin (PEPE) has captured the crypto spotlight after an explosive 35% rally that pushed it above $0.000011 for the first time in months. The price surge, driven by bullish technical indicators and massive whale accumulation, has made PEPE the most traded memecoin in the market, surpassing even Dogecoin in 24-hour trading volume.
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Whale Activity and Technical Breakouts Fuel the Rally
A crypto whale sparked the memecoin’s latest momentum by accumulating 2 trillion PEPE tokens worth approximately $4.36 million. The investor withdrew 1.5 trillion tokens from Binance on April 30 and added another 500 billion recently, signaling strong confidence in PEPE’s long-term potential.
From a technical perspective, the rally began with a “morning star” reversal pattern on May 6, followed by a breakout above the 200-day Exponential Moving Average (EMA)—a key signal of a continued uptrend. The Moving Average Convergence Divergence (MACD) indicator also flipped bullish, while PEPE exited a Descending Broadening Wedge pattern, further affirming a shift in market momentum.
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
Analysts now eye the next resistance level at $0.000013344, based on Fibonacci retracement targets. This suggests an additional upside of 22% from the current price, though a temporary pullback remains possible.
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Derivatives Market Shows Soaring Interest
Open interest in PEPE futures has surged to $531 million, just shy of its all-time high. This spike reflects growing investor appetite, with 65% of Binance traders currently holding long positions. The resulting long/short ratio of 1.86 indicates a significant tilt toward bullish sentiment.
Short sellers have been hit hard. Nearly $1.45 million in short positions were liquidated over 24 hours, adding fuel to the rally through a short squeeze effect.
What’s Next for PEPE?
While PEPE is currently trading at $0.00001124 after a minor intraday dip of 1.84%, sentiment remains overwhelmingly positive. Market watchers suggest the coin could potentially reach as high as $0.000080 in a prolonged bull cycle—a speculative 10x increase. However, such projections remain highly uncertain given the volatility typical of memecoins.
Still, with strong technicals, whale support, and growing market participation, PEPE is positioning itself as a standout performer in the current crypto landscape.
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