PEPE token has captured attention as it becomes the most traded meme coin, surpassing Dogecoin with a $4 billion trading volume. The token saw a 16% surge today, completing a Cup & Handle pattern, which attracted speculative traders. Whale activity and trading volumes spiked, with a single wallet acquiring 500 billion PEPE tokens twice in recent days.

Open interest in futures for PEPE rose, although Dogecoin still leads with the highest trading volume and open interest. The Chaikin Money Flow indicator turned positive, suggesting cash inflow, despite slowing network growth. The massive supply of PEPE tokens poses a risk of sell-offs.

Bitcoin's surge over $104,000 encouraged retail interest in smaller coins like PEPE, but caution is warranted due to potential pullbacks if Bitcoin's momentum fades. Price action changes in open interest, new wallet activity, and Bitcoin fluctuations could influence further PEPE price moves.