PEPE (PEPE) trading volume surged 283% in the past 24 hours to over $1 billion.
The memecoin posted a price increase of around 20-30%, reaching approximately $0.0000047 to $0.0000049.
This activity outpaced broader market segments as speculative capital rotated into high-risk assets.
Data from major trackers like CoinGecko and CoinMarketCap showed PEPE's 24-hour volume climbing sharply amid renewed retail participation.
Whale accumulation and rising open interest accompanied the move, though no specific catalyst emerged beyond momentum and social buzz.
What Happened
PEPE traded near $0.00000493 at one point, with a 29% price gain reported in some analyses.
Volume jumped aggressively, hitting figures like $1.07 billion in select reports, while others noted $828 million to $1.2 billion ranges.
Open interest in derivatives expanded, rebuilding toward higher levels after earlier spikes and pullbacks.
Whales added positions in recent days, contributing to order flow pressure. Adjacent memecoins saw sympathy gains.
The sector index rebounded, reflecting broader speculative inflows.
Market Context
Memecoins outperformed Layer-1 tokens in early February 2026. While L1s remained flat or lagged due to supply concerns and fragmented narratives, high-beta assets captured rotation.
Bitcoin (BTC) stabilized around recent levels, allowing risk appetite to flow toward volatile plays.
Retail engagement rose, with creator activity and social discourse supporting participation.
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Why It Matters
Volume persistence will test whether this reflects sustained demand or short-term exhaustion.
High turnover often precedes volatility in memecoins, but fades quickly without fresh inflows. The move highlights ongoing preference for reflexive trades over fundamentals.
Layer-1 weakness suggests limited institutional pull, keeping capital in speculative corners.
Traders monitor for liquidation cascades or continued leverage buildup. Evidence points to cautious optimism in derivatives, though broader crypto sentiment remains mixed.
Read next: How Deep Could Bitcoin's Bear Market Go? What Exchange Flows And Whale Data Show