The recent dramatic rise of $PEPE (PEPE) can be attributed to several key factors. One of the main drivers has been the significant increase in large transactions, indicating increased interest from major investors or “whales”. In particular, there was an 11% increase in transactions above $100,000, which boosted the price of PEPE.

Another important factor is Coinbase's announcement of the resumption of PEPE perpetual futures, which has introduced new dynamics and speculative interest into the cryptocurrency market. This recovery allowed more international investors to engage in PEPE transactions, thereby increasing trading volume and reinforcing the uptrend.

Additionally, the Ethereum (ETH) price surge above $3,000 also played a crucial role. As an Ethereum-based token, PEPE has benefited from increased interest in ETH-related assets. This dynamic has been amplified by the popularity of social media, particularly on Twitter, where PEPE tends to create a FOMO (fear of missing out) effect among individual investors.

However, this increase is not without risk. Significant sales from large holders, representing nearly 2 trillion tokens, have been observed, which could potentially put downward pressure on the price if these sales continue.

In summary, PEPE's current rise is fueled by a combination of significant trading activity, new financial product offerings, and general interest in Ethereum-based altcoins. However, the sustainability of this trend will depend on PEPE's ability to maintain interest from new buyers and overcome selling pressure from large holders.