From the market dynamics, the recent performance of PEPE shows polarization: on one hand, in the past two weeks, PEPE has increased by as much as 55% compared to Bitcoin, becoming one of the best-performing meme coins, indicating an increase in investor risk appetite; on the other hand, technical indicators (such as the MVRV ratio rising to 25.82%) and on-chain data suggest that unrealized profits for short-term holders may trigger sell-offs, leading to downward pressure on prices. Additionally, the incident on May 15 where the founding team transferred $170 million worth of PEPE tokens en masse directly caused a 41% price drop within one hour and prompted regulatory intervention, further exacerbating market uncertainty.

Current market should focus on the following key points:

1. **Technical Support**: If the PEPE/BTC price falls below the support level of 61.59 (based on indexed charts), it may confirm a bear market reversal, with the next target level at 41.82.

2. **Community Sentiment and External Events**: The heat of discussions on social media and regulatory trends (such as the progress of the FinCEN investigation) will significantly impact short-term volatility.

3. **Liquidity Transfer**: Some investors are shifting to decentralized platforms like XBIT to avoid the freezing risks of centralized exchanges, which may disperse market liquidity.