PEPE Price Surges 35% as the Meme Coin Market Awakens

Good news, PEPE fans! 🍀 The recent crypto market surge has also breathed new life into meme coins, with Pepe Coin (PEPE) leading the charge.

On Monday, May 8, PEPE price soared nearly 35%, pushing it above the psychologically important $0.000010 mark for the first time since February 14.

The rally began with a long-legged doji candle on May 6, completing what traders call a morning star pattern. This reversal formation, indicated by a candle with a small body and a long lower shadow, signaled the potential for an upcoming rally.

The stage was further set for the subsequent price explosion on May 8.

Is $PEPE heating up again? 🔥

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

PEPE price is currently trading around $0.00001091, though it has seen a small 1.84% pullback as some traders take profits from the 35% price surge.

Despite this minor correction, the overall momentum remains strongly positive.

The meme coin is now up more than 100% from the 200-day Exponential Moving Average (EMA), which is often considered a key indicator of long-term trend changes. A sustained move above the 200-day EMA is usually seen as a strong signal for a bullish trend.

Moreover, the MACD and signal lines have just formed a positive crossover at the zero level, which is another technical indicator used by traders to identify trend continuations or reversals.

This crossover occurred as the 12-period MACD line, which measures the difference between two exponential moving averages, crossed above the 26-period signal line.

Taking Fibonacci retracement levels as guides, PEPE has already surpassed the 23.60% level at $0.00001025 and appears to be advancing towards the 38.20% level at $0.000013344. Reaching this target would signify an additional 22% gain from current price points.

A major driver behind PEPE’s recent price surge appears to be significant whale accumulation, especially considering the recent price action.

According to on-chain data from Lookonchain, a prominent crypto whale with holdings of $147 million has been actively buying PEPE tokens.

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

— Lookonchain (@lookonchain) May 8, 2025

The whale withdrew 1.5 trillion PEPE from Binance on April 30 and added another 500 billion tokens recently. Their total holdings now stand at approximately 2 trillion PEPE tokens, which amounts to around $4.36 million at current prices.

Such large-scale accumulation by wealthy investors is often seen as a bullish signal, as it shows strong confidence in an asset’s future prospects.

The derivatives market is also showing heightened interest in PEPE. Open interest has climbed to $531 million, just $14 million shy of the all-time high. The Open Interest Weighted Funding Rate has spiked to 0.0118%, showcasing the surge in bullish trade volume.

Recent market moves have triggered $5.71 million in liquidated short positions, which further strengthens the bullish narrative. On Binance, 65% of traders now hold long PEPE positions, pushing the Long/Short Ratio to 1.86.

Relative to other meme coins, PEPE has outpaced them all. It has now overtaken Dogecoin in terms of 24-hour trading volume, making it the most traded meme coin and the sixth most traded cryptocurrency on major exchanges, excluding stablecoins.

However, traders should remain vigilant. A potential retest of the 23.60% Fibonacci level could lead to a 6% downside and result in the loss of the crucial 200-day EMA support.

If this level fails to hold, PEPE could slip by as much as 18% to test the 0.000008832 support.

The current rally shows the meme coin market may be awakening after months of quiet trading. For now, PEPE leads the meme coin resurgence with strong technical signals