Pepe Coin (PEPE) Price: Frog-Themed Token Jumps 35% as Whales Go on Buying Spree

TLDR

Table of Contents

PEPE price surged approximately 35% on May 8, reclaiming the $0.000010 level
Open interest reached $531 million, approaching its all-time high of $555 million
A prominent whale accumulated 2 trillion PEPE tokens worth roughly $4.36 million
65% of Binance traders are holding long positions, with a long/short ratio of 1.86
Technical analysis suggests potential for another 22% gain to $0.000013344

The recent crypto market surge has breathed new life into meme coins, with Pepe Coin (PEPE) leading the charge. On May 8, PEPE price jumped nearly 35%, coinciding with Bitcoin crossing the $100,000 threshold. This explosive movement has pushed PEPE above the psychologically important $0.000010 mark for the first time since February.

The rally began with a long-legged doji candle on May 6, completing what traders call a morning star pattern. This reversal formation set the stage for the subsequent price explosion on May 8.

PEPE is currently trading around $0.00001091, though it has experienced a small 1.84% pullback as some traders take profits. Despite this minor correction, the overall momentum remains strongly positive.

Meme coins are heating up again, with $PEPE leading the charge 🐸
Open Interest just hit $531M – closing in on its ATH of $555M 📈
$5.71M in shorts just got wiped out 🔴 pic.twitter.com/qP2oQZ8DFr
— Trader Edge (@Pro_Trader_Edge) May 9, 2025

Technical indicators paint a bullish picture for PEPE. The coin has crossed above its 200-day Exponential Moving Average (EMA), often considered a strong signal of a trend change. The MACD and signal lines have also formed a positive crossover, further supporting the optimistic outlook.

Using Fibonacci retracement levels as guides, PEPE has already surpassed the 23.60% level at $0.00001025 and appears to be targeting the 38.20% level at $0.000013344. Reaching this target would represent an additional 22% gain from current prices.

Whale Accumulation Fuels Confidence

A major driver behind PEPE’s resurgence appears to be significant whale accumulation. According to on-chain data, a prominent crypto whale with holdings of $147 million has been actively buying PEPE tokens.

This whale just bought 500B $PEPE($4.36M) again and currently holds 2T $PEPE($17.42M).https://t.co/lj4QaP0DUW pic.twitter.com/sx7hOqkcKG
— Lookonchain (@lookonchain) May 8, 2025

This whale withdrew 1.5 trillion PEPE from Binance on April 30 and added another 500 billion tokens recently. Their total holdings now stand at approximately 2 trillion PEPE tokens, worth around $4.36 million at current prices.

Such large-scale accumulation by wealthy investors often signals strong confidence in an asset’s future prospects.

The derivatives market is also showing heightened interest in PEPE. Open interest has climbed to $531 million, just $14 million shy of the all-time high. The open interest weighted funding rate has spiked to 0.0118%, reflecting the surge in bullish trade volume.

Recent market moves have triggered $5.71 million in liquidated short positions, further strengthening the bullish narrative. On Binance, 65% of traders now hold long PEPE positions, pushing the long/short ratio to 1.86.

PEPE has even overtaken Dogecoin in daily trading volume, becoming the most traded meme coin and the sixth most traded cryptocurrency globally, excluding stablecoins.

However, traders should remain cautious. A potential retest of the 23.60% Fibonacci level could lead to a 6% downside and loss of the crucial 200-day EMA support. If this level fails to hold, PEPE could slip by as much as 18% to test $0.000008832.

The current rally shows the meme coin market may be awakening after months of quiet trading. For now, PEPE leads the meme coin resurgence with strong technical signals and growing trader interest suggesting further upside potential.

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