PEPE's recent trend is quite interesting. Although the entire meme coin sector is experiencing a fierce rebound, with this guy's price soaring to a 7084% increase in early January and generating massive buzz, the price performance is somewhat complex—on one hand, speculative enthusiasm is high, and on the other hand, it is undergoing a correction.

From a technical perspective, there are indeed some signals worth considering. The short-term EMA has already broken below the 25-day line, and the MACD has crossed below the signal line, all indicating potential short-term downside pressure. Interestingly, PEPE is currently consolidating just above a long-term support level; historically, this area often triggers significant upward movements, so the rebound potential from the bottom remains.

The actions of whales are particularly noteworthy. Large holders still hold substantial leveraged long positions, showing confidence in the market and seemingly locking in the psychological price point of 0.01. However, there are also whales transferring 1.2 million PEPE to exchanges, along with other large holders diversifying their holdings, resulting in a total outflow of 280,000 PEPE, which signals profit-taking.

Another detail that highlights the situation is the trading volume of 8.7 billion, while the market cap only increased by 1 billion. This indicates that while funds are accumulating, they are also dispersing. With so many high-leverage longs currently, a sudden market reversal could pose a real liquidation risk. Overall, PEPE is in a delicate position: the rebound momentum is strong, but risks are gradually building up.