Several common reasons the market is relatively bullish on PEPE

1. Potential spot ETF catalyst

Canary Capital filed an S-1 application for a PEPE spot ETF with the SEC in April 2026, and submitted an amendment (Pre-Effective Amendment) on October 2. The application explicitly plans to list the ETF on Cboe BZX, have it custodied by BitGo, and track the CoinDesk PEPE benchmark rate. Although it has not been approved and approval is not guaranteed, the amendment suggests the process is moving forward and that institutions are beginning to test meme coin products. If ultimately approved, it could open up traditional funding channels and attract greater attention.

2. Whale accumulation and signs of exchange outflows

Recently, large amounts of PEPE have repeatedly been transferred from exchanges to unknown wallets (for example, around $20 million was transferred from Poloniex in mid-October, equivalent to roughly 1% of the circulating supply). Multiple on-chain reports show that whales have been increasing their holdings during a period of relatively low prices, while the share held by long-term holders has risen. This is often interpreted as a sign of easing supply pressure and that large holders may be preparing for a future rally. However, these transfers could also be internal, so the situation should continue to be monitored.

3. Strong Brand Recognition and Community Resilience

PEPE is based on the classic Pepe the Frog meme and has exceptionally high brand recognition. It is one of the longest-surviving meme coins and still ranks among the largest by market capitalization. Community activity has remained relatively stable, and PEPE often reacts early when interest rotates among meme coins. Compared with the many new meme coins that quickly collapse to zero, PEPE has demonstrated a certain ability to survive.

4. High Liquidity and Listings on Major Exchanges

PEPE has deep trading pairs on major exchanges such as Binance, OKX, Coinbase, and Gate, and its daily trading volume often reaches hundreds of millions of dollars. It is relatively easy to enter and exit positions, and its liquidity is among the strongest in the meme coin sector. This is an advantage for short-term trading and moving funds in and out.

5. Relatively Clear Supply Structure

The total supply is approximately 420.69 trillion, all of which is already in circulation, with no future unlocks or ongoing issuance pressure. Control of the contract has been renounced, and some liquidity was locked or burned early on. Compared with many meme coins that have ongoing issuance or are controlled by their teams, PEPE faces less supply-side pressure.

6. Price Position and Market Beta

The current price is around $0.0000041–$0.0000042, with a market capitalization of approximately $1.7 billion. It remains about 85% below its December 2024 all-time high of roughly $0.000028.

When risk appetite across the broader crypto market recovers and BTC strengthens, PEPE, as a high-beta asset, often amplifies gains. Some technical analyses suggest that it is near a key historical demand zone and may be forming a rebound structure. However, technical conditions change quickly and should not be used as the sole basis for a decision.