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ETH 
PEPE The price of $PEPE climbed to a high since May, and liquidity in the mein sector rebounded.
$PEPE has climbed to its highest price since May this year, with an increase of about 22% in two days, and has driven broader liquidity back to the mein sector. The trend has rekindled interest in high-beta tokens as retail traders return to emotion-driven assets.
Whale activity and derivatives data signals demand recovery.
Sanitation data showed that a total of seven large transactions with a single amount of more than US$1 million occurred on Thursday, setting a record since March 16, indicating that interest in the whale community is heating again. At the same time, the supply of $PEPE held by exchanges has dropped from 82.75 trillion on August 12 to 81.30 trillion, while the number of top-ranking non-exchange addresses has increased from 80.50 trillion on August 12 to 84.04 trillion, further confirming the new demand of large-value wallet investors.
In terms of derivatives, CoinGlass data showed that open interest contracts in PEPE futures have hit US$250 million, setting a three-month high, a significant increase from US$209 million the previous day, indicating that the market is building positions. The weighted funding rate remains at 0.0095%, indicating that traders are paying a premium to hold long positions, further confirming the dominance of buyer preferences.
Technical breakthroughs and the rotation of the memin sector
PEPE has successfully broken the 50-day and 100-day index moving averages and stood above the June 15 high of US$0.0000314, opening up space for subsequent movements to the 200-day EMA (US$0.00000363). Once a breakthrough is confirmed, the rally is expected to extend further to the May 10 high of $0.0000459.
The recovery of $PEPE is not an isolated event. Memocoins typically rise when retail interest heats up, and the current trend reflects a common pattern of capital rotating into highly emotional tokens when the overall market stabilizes. The token has more than 574,000 holders, but lacks underlying practical value or revenue sources, which means the price is still driven mainly by emotion.
From a longer-term perspective, Canary Capital submitted Form S-1 with the U.S. Securities and Exchange Commission in April 2026 to apply for the launch of the first spot ETF that directly holds PEPE. A small portion of Ethereum is configured to pay for network fees, and PEPE is held by the custodian. Although the market's response to the application has been muted so far, the possibility of institutional access remains a narrative that traders continue to focus on.
Like all high-beta assets, this trend also carries significant risks. Trading volume on the chain has increased significantly, but analysts warn that the emotion-driven rally could quickly reverse if retail interest fades or the broader market environment changes.
