PEPE token is hogging the headlines

PEPE token price rose on Thursday, continuing its recent recovery from previous lows. It was also pivoting out of a Cup & Handle chart pattern, which could help the meme coin attract more attention.

PEPE Surges 16% Today, Closing A Pivotal Cup & Handle Chart Pattern

PEPE price today surged by 15.98% to reach $0.0000123. It was pivoting out of a Cup & Handle chart pattern that formed over the past few months. The meme coin had previously slid to lows of $0.000008 in March 2025. But it staged a comeback, managing to rally and improve on previous setbacks.

The chart pattern saw prices slide and form a rounded bottom, which was then followed by a brief price decline and a small rectangle-like structure, typically known as the "handle." The Cup & Handle pattern is usually bullish, especially when it forms during a strong uptrend, which saw PEPE recover from previous lows and saw it viewed favorably by traders.

Speculators rushed in, pushing spot trading volume to nearly $4 billion. That outpaced Dogecoin’s $2.84 billion by about $1.10 billion. Among top trading coins, $Pepe ranked No.5 in terms of trading Volume.

This had implications for smart-contract trades, which clocked in at $5.74 billion today in derivatives trading. That is up 280% from yesterday and is triple the $1.97 billion clocked in yesterday.

Meme Coin Volumes Spike As Bitcoin Surges Past Key Level

According to the latest data, Dogecoin continues to dominate futures with $6.60 billion volume and a solid Open Interest funding rate—the highest since February 2025.

DOGE shorts lost $14 million in liquidations, which is about $3 million less than losses for PEPE shorts.

At the same time, on-chain analysts at LookOnChain noted that a single large wallet had added 500 billion PEPE tokens to its holdings at today’s prices, which comes out to $4.36 million.

This whale just bought 500B $PEPE($4.36M) again and currently holds 2T $PEPE($17.42M).https://t.co/lj4QaP0DUW pic.twitter.com/sx7hOqkcKG

— Lookonchain (@lookonchain) May 8, 2025

Only a few days ago, the same wallet scooped up another 500 billion at $4.54 million. Now, this whale owns 1.5 trillion tokens, which amounts to about $18.6 million at today’s rate.

Such transactions can help push prices higher but can also spark sudden sell-offs if the whale decides to offload.

Coin Edges Up As Chaikin Money Flow Goes Positive

Latest data indicates that Chaikin Money Flow on the PEPE/USDT pair went positive on May 6, 2025. That suggests cash is flowing back into the coin as geopolitical tensions subside. However, Network Growth is down, indicating that fewer new wallets are entering the PEPE party. In other words, the rally might be more fueled by large traders swapping bags rather than new users piling in.

The total supply of PEPE is around 420 trillion tokens, which is a massive amount. Even a fraction of that selling off could swamp exchanges. Coins with tighter supplies do not require as much buzz to maintain their price.

PEPE has risen by over 112% this month, but big supplies mean big gains can turn just as quickly.

Bitcoin Surging Past Key Level Could Attract More Retail Interest Towards Meme Coins

Meanwhile, Bitcoin price today surged over $104,000, a level that tends to attract more retail traders into the market.

If retail is confident, they go after smaller coins afterwards, which could help PEPE rise further if traders believe that the meme rally has legs to it. But it also increases the risk of a sharp pullback if Bitcoin loses steam.

What To Watch Out For

Price action on meme coins can fluctuate wildly. Large volumes and whale purchases often fuel headlines but do not necessarily mean sustained growth. Keep an eye out for changes in open interest, new wallet activity, and any adjustments in Bitcoin’s price.

If PEPE stays above that Cup & Handle breakout point, it might hang around. If not, today’s surge might be all the pleasant news we get.