Despite shedding nearly half its value in 2026,
$PEPE has retraced to a key support level from April 2024 that previously sparked a massive rally, and renewed trader interest with a 15% rise in Open Interest suggests a potential setup for another breakout.
Strong social engagement and bullish on-chain signals, including growing accumulation by top holders, add to the argument that a classic bear trap could catch shorts off guard if momentum builds around this support zone.
While risks remain given broader memecoin market weakness, current metrics paint a picture where 
$PEPE ’s past support and renewed positioning may fuel another rally similar to April 2024’s surge.

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