Price discovery for PEPE is expected to continue over the coming weeks, with a few days of normal consolidation and regular pullbacks in between. We expect PEPE to 2x-3x in price in just a few weeks,” they wrote in a May 21 post.

Meanwhile, PEPE’s open interest (OI) has grown 40% in the past 24 hours to $172.96 million, according to CoinGlass. Rising OI typically indicates increased confidence among traders about the future direction of a cryptocurrency, and data shows a sizeable number of long positions.

A 6% drop in PEPE’s price would result in $10 million in long positions being liquidated.

PEPE led the top 10 meme coins by market cap in the past 24 hours, but other top meme coins have also seen significant price increases over the past week.

BONK (BONK) is up 40.80%, Floki (FLOKI) is up 21.94%, and Book of Memes (BOME) is up 25.04% this week.