Overview
- PEPE has jumped about 25% this week, including roughly 12% gains in the past 24 hours, lifting its market capitalization to about $1.19 billion and positioning it as the fourth-largest memecoin.
- Derivatives activity has flipped bullish as total perpetual inflows reached roughly $84.44 million with a net inflow near $1.10 million and futures open interest climbing to about $250 million while funding turned positive.
- Spot-market flows have not fully confirmed the move, with roughly $2.65 million in net spot sales recorded on August 18–19 and only about $660,170 in net spot accumulation in the most recent 24 hours.
- On-chain data show large-holder accumulation: Santiment recorded seven transfers above $1 million on Thursday, exchange-held supply fell from 82.75 trillion to 81.30 trillion PEPE, and top non-exchange wallets rose to about 84.04 trillion tokens.
- Liquidity maps and technicals point to a fragile setup because nearby buy clusters are thin; PEPE has cleared short- and medium-term moving averages and shows bullish momentum, but the rally is largely driven by leveraged positions and could reverse rapidly if spot buying fails to deepen.