Bitcoin just broke through $93,000, and market enthusiasm remains high. Many are once again looking for opportunities in meme coins. As one of the top three meme coins by market cap, PEPE has recently been the focus of intense discussion—some early investors have seen huge returns, while others have suffered losses from chasing the high. This time, based on on-chain data, market sentiment, and fundamentals, I’d like to give an overview of PEPE’s possible trajectory. Of course, this is for reference only; specific decisions should be made with rational judgment.

**Current Situation Analysis**

Assets like meme coins are fundamentally driven by sentiment and community consensus. After peaking at $0.000028 in December last year, PEPE retraced nearly 60% and has only recently stabilized. Interestingly, on-chain data reveals a clear market structure: retail investors have been actively accumulating at low levels, with small transaction volumes surging by 67.4% over the past week, and the number of token holders surpassing 450,000—truly becoming "the people's coin." Conversely, whale large transactions have decreased by 23%, indicating a wait-and-see stance.

This tug-of-war between "retail accumulation or value discovery" directly influences the subsequent price direction. On one hand, continuous retail influx boosts activity and community consensus; on the other hand, the silence of large holders may hide some form of waiting—waiting for a more suitable entry point or further confirmation of the trend.

**2026 Outlook Framework**

On a longer time scale, the crypto market is indeed warming up. Bitcoin spot ETF capital inflows have hit new highs, and market sentiment is gradually stabilizing from earlier weakness. Against this macro backdrop, PEPE may follow a trajectory over the next few years like this:

**2026: Small fluctuations with slight upward trend.** From a technical perspective, the current price is close to a key support level, and the ongoing development of the Base chain ecosystem also provides fundamental support for PEPE. In the short term, $0.000015 is an important observation point. If it can hold steady, the rebound potential will be broader.

**Key Variables Moving Forward**

Whether the situation can be reversed depends mainly on three factors: first, whether retail enthusiasm can be maintained; second, whether large investors are willing to participate; third, whether the entire meme coin ecosystem can continue to innovate. The current signals of increased retail holdings and active trading are positive, but caution is needed regarding the risk of a correction after excessive sentiment.

Overall, PEPE’s story is still ongoing, but this time it requires more rational participants and a healthier market structure to support it.