PEPE has surged by over 100% in the past month, currently trading at $0.00001686 and marking an 11.615% increase in the last 24 hours. While its recent performance is impressive, discussions are underway regarding an anticipated correction phase. Despite sustained gains over the past months, traders seem inclined to alleviate selling pressure.

Recent data shows a negative net flow, with one significant withdrawal of over 500 billion PEPE tokens from Binance, valued at approximately $8 million at the time. This negative flow suggests a desire among traders to hold onto their tokens for the long term. Additionally, analysts anticipate the onset of Altseason, a period characterized by substantial value gains for altcoins other than Bitcoin, which typically results in further upward pressure on prices.

The rise of PEPE coincides with a collective uptick in the market cap of meme coins, which has increased by 2.14%. Moreover, the 24-hour trading volume across these coins has surged by 18.88%. PEPE is not alone in its ascent; meme coins like WIF and BONK have also experienced notable gains, rising by 3.85% and 9.84% respectively in the past 24 hours, with increases of 17.83% and 59.64% respectively over the past 30 days.

Discussions also revolve around PEPE's market cap, which currently exceeds $7 billion and is speculated to potentially surpass $30 billion. Technical indicators such as the Relative Strength Index and Money Flow Index suggest that PEPE may be overbought, prompting traders to consider profit-taking opportunities. Some analysts even project PEPE's market cap to reach as high as $69 billion.

Despite PEPE's surge, SHIB and DOGE continue to lead the rally among meme coins, with gains of 5.23% and 9.50% respectively in the last seven days. SHIB's market cap exceeds $15 billion, while DOGE's surpasses $24 billion. Overall market sentiment remains bullish, with Bitcoin nearing the $70,000 mark and Ethereum poised to surpass $4,000 in the near future.

PEPE's recent rise reflects investor optimism amidst favorable market conditions, further fueled by the approval of Spot Ether ETF. However, its ability to withstand a potential correction phase remains to be seen once it enters the market.