Pepe Coin (PEPE), the meme coin that has taken crypto Twitter by storm, is once again proving it’s more than just a joke. After clocking in a jaw-dropping 68% gain over the past week, PEPE has not only outshined legacy meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), but it’s also flashing technical signs that suggest the rally might not be over yet.
With Bitcoin climbing back above $104,000 and dragging the broader meme coin market with it, PEPE’s price hit $0.00001539 last week before cooling slightly to the current level of around $0.00001334. While the pullback has left some traders wary, it might just be the breather this bull run needs before its next leg up.
Technical Picture: Retest Before the Rocket?
All eyes are on the $0.00001178 level — the 50% Fibonacci retracement from PEPE’s recent swing low to high. A clean bounce from this level could serve as the launchpad for another explosive move, possibly driving PEPE toward its projected target of $0.00002209 — roughly an 80% gain from current levels.
The chart tells an interesting story. After failing to push through resistance at the 61.8% Fibonacci level ($0.00001426), PEPE formed a doji candle, hinting at market indecision. However, the underlying bullish structure remains intact, supported by the breakout from a symmetrical triangle pattern earlier this month.
The EMAs (Exponential Moving Averages) are also lining up in favor of bulls. The 50-day and 100-day EMAs are closing in on a potential crossover, a signal often interpreted as a golden opportunity for momentum traders. Meanwhile, the 200-day EMA sits well below the current price at around $0.00001057, providing a safety net should things go south.
Traders Are Betting Big: Open Interest Hits New High
If you needed further proof that PEPE is back on trader radar, look no further than derivatives data. Open Interest (OI) on PEPE has surged to an all-time high of $583 million, according to Coinglass. That’s not just noise — it’s a clear sign that capital is flowing into positions with expectations of high volatility and sharp moves.
Adding to that, PEPE’s funding rate has reached 0.0272% — the highest it’s been in 2025 so far. This spike shows growing bullish sentiment, though it also means traders could face steep liquidations if price swings turn south.
Indeed, the last 12 hours saw nearly $5 million in long liquidations, suggesting that a retest of support is likely before another major push. For short-term traders, this could be a warning. But for long-term believers, it might present a golden “buy-the-dip” moment.
Meme Coin Season in Full Swing
While DOGE and SHIB have posted solid gains of 32% and 21% respectively over the past week, they’ve lagged behind PEPE’s momentum. The broader meme coin market, now sitting at a 30-day high of $76 billion in market cap, is clearly benefiting from Bitcoin’s recovery — but it’s PEPE that’s leading the charge.
If this momentum holds and the technicals play out as expected, PEPE could easily retest its recent highs and make a run toward $0.00002209. Whether you’re in it for the memes or the money, PEPE’s current setup is hard to ignore.
