- PEPE hit $0.00001390, up by 160% from March lows, breaking resistance with strong volume and support from Ethereum’s rally.
- Whale activity surged, including a $78.8M transfer and large holdings now at 75%, indicating rising institutional interest.
- RSI at 82.07 suggests overbought conditions; a drop below $0.00001000 support could lead to a correction to $0.00000900.
PEPE maintained strong upward pressure in May, continuing its rally that began in early April. The meme token reached a high of $0.00001390 Friday 9th, its best level since January. This represented a 160% surge from its March low of $0.00000535, positioning PEPE as one of the strongest gainers in the meme coin market.
The latest spike coincided with broader crypto and stock market rallies, amid optimism over U.S.-China trade discussions in Switzerland. Ethereum’s sharp move upward also influenced sentiment, as PEPE and other Ethereum based meme coins tend to react positively to Ether’s strength.
Whale Transactions and Onchain Activity
PEPE’s rise gained further momentum from substantial whale activity. According to Onchain Lens, a whale withdrew 289.63 billion PEPE worth $3.68 million from Binance. This address now holds 299.63 billion tokens valued at approximately $3.81 million.
Separately, Whale Alert reported a massive transfer of over 7.14 trillion PEPE, worth nearly $78.8 million, between unidentified wallets. These large transactions added to market interest, suggesting increased token accumulation and movement among key holders.
Moreover, data from IntoTheBlock provided a clearer picture of holder dynamics. 63% of addresses are in profit, while 31% remain out of the money. Wallets holding for over one year accounted for 32%.
Those between one to twelve months represented 63%, showing strong mid term commitment. Large holders currently control 75% of the total supply, and in the past week alone, large transactions reached a volume of $808.78 million.
PEPE Surges Above Resistance with Strong Volume
PEPE has displayed clear bullish breakout patterns. The token broke out of its multi month consolidation, gaining nearly 4% daily and now trading at $0.000013. Volume is high with a spike of 19.8 trillion tokens traded in 24 hours.
The asset broke past immediate resistance near $0.00001360 and is holding above support at $0.00001216. A more critical support zone is at $0.00001000, which historically has acted as a psychological bottom.
However, momentum indicators show mixed signals. The RSI is at 82.07, placing PEPE well above the overbought level. While the MACD remains bullish, with its line at 0.000000088 crossing above the signal line, the overbought outlook could precede a near term pullback.
Market Sentiment, May Scenarios and External Factors
The broader market backdrop supported PEPE’s gains. According to Santiment, various sectors including meme coins and liquid staking posted double digit market cap growth. Ethereum’s uptrend boosted Ethereum based meme tokens, including PEPE.
Meanwhile, hopes for reduced trade tensions between the U.S. and China also lifted risk appetite across crypto and equity markets. For May, if current momentum sustains, PEPE could advance toward $0.00001600 to $0.00001800.
However, any loss of bullish pressure or drop in volume might lead to a pullback. A decisive move below the key $0.00001000 support level could open way to a decline toward $0.00000900.
PEPE holds a price correlation of 0.85 with Bitcoin, indicating strong alignment with wider market trends. The bullish outlook remains valid as long as buying pressure continues and volumes stay elevated.
