PEPE, a memecoin (cryptocurrency based on internet memes), climbed more than 15% on August 20 to approximately $0.00000311, its highest price since May. Trading volumes rose to between $400 million and $525 million, while the token’s market capitalization reached between $1.3 billion and $1.55 billion. The rally followed the withdrawal of more than 4.5 trillion PEPE tokens from centralized exchanges in the preceding weeks, reducing immediately available selling supply. Analysts also cited clustered moving averages and a neutral RSI (momentum indicator) reading, which appeared together for the first time in months while PEPE traded in a tight range. Despite the move, PEPE remains roughly 89% below its $0.00002803 all-time high, reached in December 2024 after its Binance listing and amid favorable macro conditions for risk assets. Launched in 2023, the token has no roadmap or utility and carries a supply of 420.69 trillion. The latest rally had no protocol upgrade, partnership or new exchange listing, and crypto-native coverage framed it as part of a broader rotation into meme tokens during generally buoyant market conditions. Whether whales return tokens to exchanges to sell may heavily influence PEPE’s near-term trajectory.