PEPE Coin Is Making Waves in the Crypto Market with Its Recent Price Surge

PEPE coin is making waves in the crypto market with its recent price surge. The frog-themed meme coin jumped about 7% to reach $0.00001453 on May 12, 2025.

The price of PEPE, the frog-themed meme coin, rose on Monday, May 12, extending the token's strong gains from last week. The coin was up about 7% to $0.00001453 by 08:36 ET, bringing its seven-day gains to 68%.

This price point also takes PEPE to a 100-day high, a level it last reached on January 31.

At the same time, short sellers betting against PEPE were liquidated to the tune of $1.14 million in just four hours, as the price rally pushed bearish positions into liquidation.

PEPE's price surge comes as the token's open interest in futures markets nears $600 million.

According to data from CoinGlass, the total open interest in PEPE reached a new all-time high of $595.36 million on Monday.

The chart below shows the rapid increase in PEPE's open interest over the last month, highlighting the significant inflow of capital into the token.

For traders unfamiliar with the term, open interest refers to the total pending volume of a cryptocurrency at a specific price level. It essentially measures the level of market activity and the amount of capital engaged in trades at various price points.

A high level of open interest can indicate strong interest in a cryptocurrency at a particular price and potential for large price movements as the pending orders get filled. Conversely, low open interest might suggest low trading activity and potentially sluggish price action.

In the case of PEPE, the new all-time high in futures market open interest comes amid a 68% price surge last week. This signals that new money has entered the market, which could help fuel PEPE's ongoing rally.

Further indicating bullish market sentiment, the long-to-short ratio stands at 1.09—the highest level in over a month—while the short sellers faced $1.14 million in liquidations in just four hours. A ratio above one suggests more traders are betting on price increases.

Technical Analysis Points to Further Gains

From a technical analysis standpoint, PEPE has now broken through several key levels. The price has moved above the 200-day Exponential Moving Average (EMA) and the 61.80% Fibonacci level at $0.00001426.

Moreover, PEPE's chart shows a rounding bottom pattern formation. This pattern started after the price experienced a nearly 60% decline from $0.00001386 to $0.000005698 between February 1 and March 10.

The neckline of this pattern is placed at the 61.80% Fibonacci level. A daily candle close above $0.00001426 would signal the breakout and could propel PEPE to continue its ascent.

The Fibonacci retracement tool indicates that the 100% level at $0.00002649 presents a potential 75% rally from current price tiers.

However, traders should be aware of potential resistance at the 78.60% Fibonacci level, estimated around $0.00001870, which could slow down PEPE's advance toward a new all-time high.

The Relative Strength Index (RSI) on the daily chart has crossed above 70, signifying strong bullish momentum but also suggesting that the coin is in overbought territory.

Exchange Flows Show Strong Demand

Shifting to on-chain data, there's an interesting dynamic unfolding with short-term profit-takers and long-term holders.

According to CoinGlass data, PEPE saw a net inflow of $10.52 million into exchanges on May 12, following an $18.55 million inflow last week.

Despite this increased supply, PEPE's rally persists as buyers are absorbing the selling pressure, showcasing the underlying strength of bulls in the market.

Data from IntoTheBlock reveals that the average holding time of transacted coins remains under one month for the last couple of weeks. This suggests short-term traders are booking profits, while long-term holders remain largely on the sidelines.

If PEPE continues its upward trend from here, it could extend the rally to test the next daily resistance at $0.000016. A successful close above this level might push prices toward the January 18 high of $0.000021.

On the downside, if PEPE faces a pullback, traders can look out for support at the $0.000013 level. A break below the 38.20% Fibonacci level, around $0.000010, would invalidate the reversal pattern, with