Meme token PEPE kicked off 2026 with a bang. On January 2, its price skyrocketed by over 26%, reaching $0.000005106, while its 24-hour trading volume soared past $800 million. The sudden spike caught many traders off guard and sparked curiosity about the catalyst behind the move.
Retail Frenzy Fuels PEPE’s Rise
One of the key drivers of the rally is strong buying activity from retail investors. Data shows that Robinhood users now hold approximately 8.3% of PEPE’s total supply, indicating that many small traders are continuing to accumulate rather than take profits during short-term fluctuations.
Social media buzz also played a powerful role. PEPE’s official X account posted the cryptic message: “We ride at dawn,” which quickly spread across crypto Twitter and helped boost market sentiment.
Trading Volume Explodes by 370%
In just 24 hours, PEPE’s trading volume surged over 370%, reaching $805 million. Such a dramatic spike typically signals the entry of new buyers, rather than slow movement caused by low liquidity.
Short Liquidations Add Fuel to the Fire
Another major factor pushing PEPE higher was a wave of short position liquidations. After weeks of sideways movement, many traders had bet on the price dropping. But when PEPE unexpectedly broke out, those shorts were forced to close, adding more buy pressure.
Over $3.13 million in positions were liquidated within a day — with about 83% being shorts. This wave of forced buying helped accelerate the price rally.
Bold Prediction: PEPE to Reach $69 Billion Market Cap?
Well-known trader James Wynn from the Hyperliquid exchange made a bold forecast. He believes PEPE’s market cap could surge to $69 billion by the end of 2026 — nearly 32 times its current level of around $2.14 billion.
“I’m calling it now — PEPE to go from $1.7 billion to $69 billion by 2026, or I’ll delete my account,” Wynn declared on social media.
If his prediction proves accurate, PEPE’s price could climb to as high as $0.000163, marking one of the most dramatic meme coin rallies in recent memory.
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