Key Highlights
- PEPE surged over 23% in the past week, making it the top gainer among the top 200 cryptocurrencies.
- Whales accumulated around 23 trillion tokens, while large transactions jumped 620%.
- Despite the rally, PEPE remains about 85% below its all-time high, with bearish technical signals still present.
Pepe (PEPE) is having a solid run. The frog-themed memecoin has jumped over 23% in the past week and gained another 12% just today, making it the top gainer among the top 200 coins by market cap.
At the time of writing, PEPE was trading around $0.000004. Its market cap has climbed back to roughly $1.6 billion, and the 24-hour trading volume is sitting near $484 million. That is a lot of activity for a coin that has no utility, no roadmap, and no real development behind it.
The broader crypto market also had a decent day, with total market cap touching $2.46 trillion. Bitcoin climbed about 3.7% to $74,152. But PEPE clearly outpaced the pack.
The bigger picture isn’t all green
Now, before anyone gets too excited, it is worth looking at the bigger picture. PEPE is still down roughly 85% from its all-time high of $0.00002825, which it hit back in December 2024. At that point, its market cap was close to $11 billion. Today, it is nowhere near that level.
Over the past month, PEPE has dropped around 11.5%. The technical indicators are still showing bearish signals. The price is trading below its 200-day moving average, and the MACD (Moving Average Convergence Divergence) is still printing red — a tool that compares two moving averages to show whether momentum is turning bullish or bearish. So while this week’s bounce is nice, the overall trend hasn’t really flipped yet.
The same pattern played out in December 2025 when PEPE bounced 16% only to lose steam shortly after.
The $0.0000032 to $0.0000036 zone has been acting as support for a while now. Every time it drops into that range, buyers step in. But each bounce has been getting weaker, which is something to keep an eye on.
Volume is up, and so is whale activity
One thing that stands out right now is the volume. A volume-to-market-cap ratio of around 37% is very high for any asset. It shows that people are actively trading PEPE, not just holding and hoping.
On the on-chain side, things are interesting too. According to Santiment data from February, the top 100 PEPE wallets have been quietly stacking up about 23 trillion tokens over the last four months. That buying started around the October correction and has not stopped, even while the price kept falling. This kind of whale activity around PEPE is nothing new, but the scale this time is notable.
Whale transaction counts also spiked 620% in early January, according to Santiment. That put PEPE second on the list of coins with the biggest jump in large transactions, right behind Floki.
But there is a flip side. The top 100 holders still control over 93% of the total supply. That kind of concentration means any big whale selling can easily move the price in the other direction. It has happened before.
Almost 3 years, and still here
Here is what makes PEPE different from the hundreds of memecoins that launched and died over the past couple of years. This token is about to turn 3 years old. It launched in April 2023, hit a $1 billion market cap within weeks, and has survived every crash, every “memecoins are dead” narrative, and every wave of newer, shinier tokens since then. We covered this question in detail earlier: Are Top OG Memecoins Dogecoin, Shiba Inu, & Pepe Coin Dead?
It has no dev team. No utility. No updates. Its smart contract is immutable. And yet it still has over 500,000 holders and generates hundreds of millions in daily trading volume.
Most memecoins don’t survive three months, let alone three years. The memecoin sector as a whole lost more than half its value in 2025. Dogecoin, Trump’s own coin, and many Solana-based tokens have all dropped sharply. But PEPE keeps showing up in the top performers whenever the market turns even slightly risk-on. It did the same thing in the first week of 2026 when it surged nearly 67%.
Whether you take that as a bullish sign or just a quirk of crypto markets is up to you.
What’s next
For the short term, the key resistance levels to watch are around $0.00000651 (the 7-day EMA) and $0.00000721 (the recent swing high). On the downside, if $0.0000032 breaks, things could get ugly fast.
The broader market conditions will matter a lot, too. Bitcoin holding above $70K, the Fed’s upcoming decisions on interest rates, and Europe’s MiCA regulations kicking in later this year could all affect how much risk traders are willing to take.
PEPE tends to amplify whatever the market does. When things go up, it goes up more. When things fall, it falls harder. That is just the nature of memecoins.
For now, though, the frog is having a good week. Whether it turns into something bigger or just fades again, only time will tell.
Also Read: PIXEL Pulls Back 24% After 265% Pump as Trading Volume Explodes
