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PEPE, one of the most closely watched meme coins, began the new year with a sharp rebound, posting significant gains on Jan. 2 after months of sustained weakness. The token rose roughly 25% intraday, climbing to about $0.0000052, as renewed speculative interest and heightened derivatives activity lifted prices across the market.
The move marks a notable turnaround for PEPE, which had spent much of the past six months in decline amid waning risk appetite for meme assets. Despite the rebound, the token is still trading at roughly 45% of the lows recorded last year, underscoring how far prices had fallen before the latest rally.
A key catalyst behind the surge was a bullish outlook shared by market commentator James Wynn, whose comments quickly gained traction among traders. Wynn suggested that if the broader crypto bull market remains intact, PEPE could follow a trajectory similar to past meme coin leaders.
“If Shib can do $41bn, PEPE can do much higher. Keep in mind DOGE did $88bn. So my target for PEPE is $69bn,” Wynn said.
Following these remarks, PEPE’s market capitalization jumped from around $1.72 billion to a peak near $2.2 billion within 24 hours, before stabilizing close to $2.15 billion. At the same time, data showed increased participation from retail investors, particularly on platforms such as Robinhood, where users collectively accumulated about 8.3% of PEPE’s circulating supply.
Trading activity also surged. PEPE’s 24-hour trading volume rose by more than 400%, reaching nearly $1 billion, signaling a sharp return of short-term interest.
Beyond spot markets, derivatives activity expanded rapidly. Open interest in PEPE-related contracts climbed approximately 82% to $446.5 million, reflecting growing engagement from traders positioning for further volatility. Analysts view the rise in open interest as evidence of coordinated speculative activity rather than long-term accumulation.
While PEPE’s rebound highlights how quickly sentiment can shift in the meme coin segment, analysts caution that such rallies remain highly sensitive to broader market conditions and speculative narratives.
Whether the momentum can be sustained will likely depend on overall crypto market strength and continued trader interest in high-risk assets.
In addition, we wrote that strong inflows from whales propel a rapid 25.67% Pepe rise amid wavering technicals.