The 24-hour trading volume of PEPE (PEPE) surged by 283%, surpassing $1 billion.
This meme coin recorded a price increase of about 20-30%, rising to approximately $0.0000047 to $0.0000049.
This movement has outperformed the broader market sector as speculative funds rotate into high-risk assets.
According to major data tracking sites like CoinGecko and CoinMarketCap, the trading volume of PEPE has sharply increased as individual investor participation has risen again.
The accumulation by whales and the increase in open interest in the futures and options market occurred, but aside from simple momentum and social media buzz, no clear triggers have been identified.
What happened?
At one point, PEPE traded around $0.00000493, with some analyses reporting a 29% price increase.
Trading volume surged aggressively, with some data suggesting a level of $1.007 billion, while others indicated a range of $828 million to $1.2 billion.
Derivatives open interest is expanding again, showing signs of rebuilding towards the high levels following previous spikes and corrections.
In recent days, whales have increased their positions, adding pressure to order flow, and other adjacent meme coins have also seen a rally.
The related sector index also rebounded, reflecting a broader inflow of speculative funds.
Market environment
In early February 2026, meme coins outperformed layer 1 tokens. While layer 1 struggled or lagged due to supply burdens and a dispersed narrative, assets with high beta characteristics benefited from rotating capital.
Bitcoin (BTC) stabilized around its recent price range, resulting in a shift in risk appetite towards more volatile assets.
Creator activity and social media discourse have supported participation, leading to an increase in retail investor engagement in the market.
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Why it matters
How long the high trading volume lasts will be a test to gauge whether this movement reflects sustained demand or is merely a short-term overheating.
High turnover in meme coins often precedes increased volatility, but when new capital inflow ceases, it tends to cool off rapidly. This movement still shows a strong preference for reflexive trades over fundamentals.
The underperformance of layer 1 suggests that institutional demand is limited, revealing that capital remains in speculative corners.
Traders are monitoring the potential for a liquidation cascade and whether leverage accumulation will continue. While cautious optimism is evident in the derivatives market, the overall sentiment in the broader cryptocurrency market remains mixed.
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