As of this writing, PEPE has only risen 2% in the past 24 hours. Previously, the market cap of this memecoin had dropped to $2.65 billion, marking a yearly low, but has since rebounded to over $5 billion.
Since hitting bottom in March 2025, PEPE has been slowly recovering its market share, which has not gone unnoticed.
Private equity investment interest has reignited.
Using Google search to measure interest over a period of time, this metric shows that PEPE has surged from a low of 42% to 92%.
Interest is the key determinant of memecoin trends, as they are primarily driven by the crypto community. Other memecoins reflect this as well, such as Dogecoin [DOGE], whose price once reached $65 and is still rising.
On the other hand, when the market peaks, interest also rises. This presents another layer of dilemma for memecoins, especially after PEPE broke its long-term barriers.
Has the bear market not reversed yet?
Meanwhile, PEPE has broken the bear market trend line that has been maintained since the peak on December 9, 2024.
The price of PEPE dropped to $0.00000568 in March, forming a double bottom. The breakout occurred on July 10 and was tested again five days later.
PEPE appears to be heading towards $0.000016; if it breaks this level, PEPE may return to the highs of the last quarter of 2024.
However, if the price fails to hold this breakout, the current breakout may be a false breakout. Considering the duration of the breakout trend line, it could signify a transition from a bear market to a bull market.
Additionally, in the past two days, the PEPE trading volume has been seller-dominated, but as of this writing, it has returned under the control of bulls.
The plight of PEPE!
As prices turned bullish, a dilemma arose, evidenced by some whale activity and the NVT ratio.
According to reports on X (formerly Twitter) from Onchain Lens, James Wynn closed out his long positions on PEPE and Ethereum [ETH], making a profit of $538,500.
Meanwhile, giant whales have chosen to go long on Dogecoin [DOGE] by 10 times, indicating that PEPE may experience a slight decline for correction after the breakout.
Further analysis from IntoTheBlock shows an NVT ratio of 43.21, indicating that the token's value is relatively low compared to its price. The change in the past 24 hours has decreased by 30.92%.
The value is between 26 and 120.
The correlation of memecoins with BTC and ETH: Over the last 30 days, the correlation of memecoins with BTC and ETH is 0.92 and 0.95, respectively, with a total address balance of 431.29K.
