The entire crypto community is watching the PEPE show

1. Whale activity: There have been a large number of large transactions recently, showing the increased interest of major investors in PEPE coins. For example, Santiment data shows an 11% increase in the number of transactions over $100,000 in a day (Techopedia)​. Some whales sold large amounts of tokens during price increases, locking in substantial profits (Blockonomi).

2. Market dynamics: After large trading platforms such as Coinbase introduced PEPE futures contracts and solved technical problems, the market’s speculative interest in PEPE increased (Techopedia). Additionally, as the price of Ethereum topped $3,000, it drove interest in other Ethereum-related tokens, including PEPE (Blockonomi).

3. Social media hype: PEPE generated widespread discussion on social media platforms such as Twitter, stimulating investor interest and FOMO (Blockonomi) (Techopedia). This social media craze further drives up prices.

4. Technical indicators and trading volume: PEPE’s trading volume and open interest have increased significantly, indicating increased investor interest and market activity (CoinGape). Technical analysis shows that PEPE’s relative strength index (RSI) is at high levels, indicating strong buying interest, but may also signal a possible price pullback in the near term (Techopedia) (CoinGape)​.

These factors combined to cause the price of PEPE coins to rise significantly. However, whether prices can continue to rise in the future depends on further market dynamics and the behavior of major holders.