PEPE (PEPE) extended its rally on Thursday, climbing roughly 9% as the broader crypto market moved back toward risk-on sentiment following truce negotiations between the US and Iran. The frog-themed meme coin is drawing renewed attention from both retail traders and large wallet holders (whales), which appears to be fueling the upswing.
On-chain and derivatives activity underlines growing conviction. CoinGlass data shows PEPE futures open interest jumped about 20% in the past 24 hours to $228.67 million — a sign more traders are positioning for further upside. Meanwhile Santiment metrics show whales are quietly rebuilding: wallets holding 100 million–1 billion PEPE now control 10.64 trillion tokens (up from 10.59 trillion on Feb. 15), and addresses with over 1 billion PEPE hold 3.64 trillion, up from 3.60 trillion in late February.
Technically, the picture is mixed. Short-term structure remains “bearish and inefficient” despite PEPE trading above the 50-day EMA for the second straight day. The coin sits around $0.000003877 and is testing the 100-day EMA at $0.00000411 — a decisive daily close above that level would clear a path toward the 200-day EMA near $0.00000550. Momentum indicators add nuance: the RSI is at 62, indicating moderate upside room before overbought territory, while the MACD is trending upward, supporting the rally. On the downside, key support sits at the 50-day EMA, close to a broken trendline around $0.00000364.
Bottom line: heightened futures interest and whale accumulation point to growing bullishness around PEPE, but the altcoin still faces important technical hurdles. Traders should watch the 100-day EMA for confirmation of follow-through and the 50-day EMA for downside protection.
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