Weekly Surge Exceeds 80% as Trading Volume Rises

TLDR PEPE has surged over 80% in just seven days, trading around $0.00001425 Whale transactions have increased dramatically, with $1M-$10M transactions up 750% Technical indicators show strong bullish momentum with potential 38-80% further upside PEPE’s open interest hit an all-time high of $595.36 million, showing increased trader confidence The coin faces key resistance at $0.000016, with next targets at $0.000021 and potentially $0.000026 The frog-themed meme coin Pepe (PEPE) has captured the crypto market’s attention with its stunning performance over the past week. The coin has rocketed more than 80% in just seven days, bringing its price to approximately $0.00001425 as of May 12, 2025. This rally comes after Bitcoin reached $104,000, triggering renewed interest in the meme coin sector. What makes PEPE’s performance even more impressive is how it has outpaced other popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), which gained 32% and 21% respectively during the same period. The price surge has been backed by strong technical indicators. PEPE has broken above its 200-day Exponential Moving Average (EMA) and the 61.8% Fibonacci retracement level of $0.00001426. The Relative Strength Index (RSI) is currently above 70, indicating overbought conditions but also reflecting strong buying pressure. Similarly, the MACD shows a positive crossover with upward-trending histograms. Perhaps most telling is the Average Directional Index (ADX) at 71.88, a rare reading that suggests the strength of the current uptrend. One analyst from CoinGlass noted, “When the ADX is this high, it usually confirms that the trend is very strong and unlikely to reverse in the short term.” Whale Activity Skyrockets Large investors appear to be betting heavily on PEPE’s continued upside. According to IntoTheBlock data, transactions between $1 million and $10 million have surged by an eye-popping 750%. Transactions in the $100,000 to $1 million range increased by 177.94%, while those between $10,000 and $100,000 rose by 173.93%. This dramatic increase in whale participation signals growing confidence in PEPE’s upward momentum. A recent example reported by blockchain transaction tracker Lookonchain showed a crypto whale quickly closing a position on TRUMP to open a 10x long position on PEPE. This trader now holds an unrealized profit of $81,000, reflecting the growing bullish sentiment. The surge in trading volume is not limited to whales. Retail investor participation has pushed overall trading volume up by 40%, showing broad-based interest in the meme coin. PEPE’s derivatives data provides further evidence of market optimism. Open Interest in futures trading has reached a record $595.36 million, up from $398 million just days ago. The long-to-short ratio has increased to 1.09, the highest in more than a month, indicating that most traders are betting on higher prices. Over $3 million in short positions were closed in the past 24 hours alone, with $1.14 million of those closures happening within just four hours. These forced closures of short positions can create a “short squeeze” effect, potentially fueling further price increases as traders who bet against the market have to buy tokens to close their positions. Price Targets and Technical Outlook Market analysts are now focusing on $0.000016 as the next critical resistance level. If PEPE can close above this level, it could rally toward $0.000021 (the January high) and potentially reach $0.00002649 based on Fibonacci projections. Some technical analysts suggest that if the current breakout holds, PEPE could climb as high as $0.00003864, based on the depth of a rounding bottom pattern that has been confirmed on price charts. However, caution is warranted. With the RSI in overbought territory at 85.40, a price correction in the coming days remains possible. If a pullback occurs, immediate support lies at $0.000013, with deeper support at $0.000010. The high liquidations of long positions, which have spiked to nearly $5 million on the 12-hour chart, also suggest that a retest of lower support levels may be coming. Many analysts view this as a potential “buy-the-dip” opportunity for confident investors. Despite $10.52 million in net inflows of PEPE into exchanges on May 12 (and $18.55 million over the past week), the coin has continued its upward trajectory. This shows that even with profit-taking, buyer demand remains strong enough to absorb the selling pressure. Data reveals that the average holding time of transacted PEPE remains under one month. This indicates that short-term traders are actively taking profits, while long-term holders appear to be holding on in expectation of further gains. The meme coin market as a whole has reached a 30-day high of $76.13 billion, buoyed by Bitcoin’s recent strength. Within this rising tide, PEPE has emerged as the standout performer. For now, PEPE traders are watching the crucial $0.000016 level. A decisive break above this resistance could confirm the continuation of the bullish trend, while failure may lead to a retest of support levels before the next leg up. Source: https://blockonomi.com/pepe-coin-pepe-price-weekly-surge-exceeds-80-as-trading-volume-rises/