Meme coins are finally making a splash today. As of 1:00 PM on January 3rd, PEPE surged by 37.47% within 24 hours, with the price hovering around $0.00006, and trading activity reaching a peak. This rally also triggered SHIB to follow suit, with an increase of over 21%, making the entire sector look lively.

Let's talk about the specific market situation. During this round of PEPE's rise, trading volume significantly increased. On-chain data shows that whale players haven't been idle — in the past 24 hours, large transactions exceeded 11.75 trillion PEPE tokens, worth approximately $160 million. This isn't a small move; it's almost an intentional effort to create liquidity pressure, pushing the supply on exchanges downward, which naturally makes it more scarce.

Why did it suddenly surge so strongly? An important factor is the return of community enthusiasm. Discussions about PEPE on platforms like Twitter and Discord have suddenly increased, and the meme culture is spreading again. Retail investors, driven by FOMO, are entering the market, forming a self-reinforcing cycle. Plus, with the overall market experiencing some volatility recently, funds are shifting toward altcoins and meme coins, all aiming for short-term high returns. As a leading meme coin, PEPE naturally caught the wind.

Another detail — leverage trading is also fueling the rise. On some platforms, 5x leverage trading of PEPE/USDT is quite active. This amplifies the gains and further stimulates the upward price movement.

But to be honest, this rapid surge also carries significant risks. Meme coins fundamentally lack solid fundamentals; their prices are mainly driven by market sentiment and capital flows. After a sharp rise, a correction is quite possible. Additionally, global regulatory attitudes toward cryptocurrencies are tightening, which could impact subsequent trading and liquidity.

Overall, this market movement is driven by whale strategic actions, a revival of community enthusiasm, and reallocation of market funds. However, investors should stay alert — high volatility in meme coins may offer profit opportunities, but the risks are equally substantial.