TL;DR

Although most of the crypto market and especially the speculative meme coin niche skyrocketed today, some are performing better than others, and PEPE falls into that category with a double-digit surge. The move has renewed optimism in the third-largest meme coin, with big promises that come on the heels of a substantial whale purchase. It was just a couple of days ago when PEPE struggled below $0.0000076. And it was just a month ago when it had plunged to a massive low of under $0.0000057. The current price tag of almost $0.0000093 means that the frog-themed meme coin has soared by roughly 22% since May 6 and by more than 60% since the early April bottom.

Aside from the obvious market-related reason, meaning that almost all cryptocurrencies are well in the green today, the other thing worth mentioning when it comes down to PEPE is the activation of a certain whale. Data from Lookonchain reveals that an unknown entity purchased 500B PEPE (worth $4.36 million) and their holdings have shot up to 2T PEPE (valued at $17.42 million).

This whale just bought 500B $PEPE($4.36M) again and currently holds 2T $PEPE($17.42M).https://t.co/lj4QaP0DUW pic.twitter.com/sx7hOqkcKG

Although PEPE is still 67% away from the all-time high reached in early December, this positive rally has fueled optimism among its community, with multiple predictions of a big year incoming for the meme coin.

In terms of price action, this popular X user indicated that PEPE is currently testing a key resistance at $0.00000926, which could send the token flying if it falls (it trades inches above it at press time).

James Wynn told his 35,000 followers on X that he had expanded his PEPE long position today. He outlined several reasons behind this move after turning insanely bullish for the first time in a very long time.

He dismissed PEPEs brief rally at the end of 2024 as a hype pump, but it wasnt the bull run pump the community had waited for.

For the past 17 weeks pepe has been bearish on the MACD on the weekly candles. Bearish momentum has been weakening and it looks like the MACD line is going to cross over the signal line and begin huge bullish momentum on macro time scales.

He concluded that his long-term prediction is for PEPEs market cap to rocket to $42 billion at a minimum (matching SHIBs levels from the previous cycle) or over $100 billion (exceeding DOGEs top). PEPEs current market cap is just under $4 billion, which means that it would need to surge by 950% to reach his more modest target and by 2,400% to fly past $100 billion.