,Pepe (PEPE) price surged to a record high on May 27, a surge driven by the recent approval of key Ether (ETH) exchange-traded fund (ETF) filings in the U.S., leading traders to view Ethereum-based memecoins as high-risk, high-reward opportunities.

5 月 27 日，佩佩 (PEPE) 價格飆升至歷史新高，這是由於最近美國關鍵的以太坊 (ETH) 交易所交易基金 (ETF) 申請獲得批准，導致交易者認為基於以太坊的 memecoin 價格上漲-風險高回報的機會。

PEPE's price jumped by 7.60%, reaching an all-time high of $0.00001725. This represents an impressive 88% increase since the U.S. Securities and Exchange Commission (SEC) approved the Ether ETF filings on May 20.

PEPE 的價格上漲 7.60%，達到 0.00001725 美元的歷史新高。自 5 月 20 日美國證券交易委員會 (SEC) 批准 ETH ETF 備案以來，這一漲幅令人印象深刻，達到 88%。

Other Ethereum-standard memecoins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Mog Coin (MOG), also posted substantial gains following the ETF filings approval.

其他以太坊標準模因幣，包括狗狗幣 (DOGE)、柴犬 (SHIB) 和莫格幣 (MOG)，在 ETF 申請批准後也大幅上漲。

PEPE/USDT versus DOGE/USD, SHIB/USD, and MOGUSDT daily price performance chart. Source: TradingView

PEPE/USDT 與 DOGE/USD、SHIB/USD 和 MOGUSDT 每日價格表現圖表。來源：TradingView

PEPE fractal suggests a 40% price correction in June

PEPE 分形顯示 6 月價格回檔 40%

The ongoing rally in the Pepe market may exhaust in the coming weeks due to a growing divergence between its rising prices and falling daily relative strength index (RSI).

由於價格上漲與每日相對強弱指數 (RSI) 下降之間的差距越來越大，佩佩市場持續的漲勢可能會在未來幾週內耗盡。

PEPE/USDT daily price chart. Source: TradingView

PEPE/USDT 每日價格圖表。來源：TradingView

PEPE's "bearish divergence" indicates that the upward momentum is weaker than the rising price action suggests and could signal a potential price reversal. This situation is reminiscent of the memecoins' 40% crash in January, which followed a noticeable divergence between their increasing prices and declining RSI trends.

PEPE 的「看跌背離」表明上漲動力弱於價格上漲走勢所暗示的，並可能預示著潛在的價格逆轉。這種情況讓人想起 1 月 memecoin 暴跌 40% 的情況，當時它們的價格上漲與 RSI 趨勢下降之間出現了明顯的背離。

Additionally, PEPE's daily RSI has already crossed over 70, an overbought zone that typically precedes a period of price correction or consolidation. This further heightens sell-off risks in the PEPE market after its yearlong strong performance.

此外，PEPE 的每日 RSI 已經突破 70，這是一個超買區域，通常會出現在價格調整或盤整期之前。這進一步加劇了 PEPE 市場在經歷了一年的強勁表現後的拋售風險。

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In the event of a correction, PEPE's price could decline towards its 50-day exponential moving average (50-day EMA; the red wave) at around $0.00000965 by June, a decrease of approximately 40% from current price levels. This is similar to its price correction following its bearish divergence signal in January.

如果出現調整，PEPE 的價格可能會在 6 月跌向 50 日指數移動平均線（50 日 EMA；紅色波浪），約為 0.00000965 美元，較目前價格水準下降約 40%。這類似於一月發出看跌背離訊號後的價格調整。

Conversely, a sustained uptrend could see PEPE testing its 2.618 Fibonacci retracement level near $0.00002203 in the coming weeks, an increase of approximately 32% from current price levels.

相反，如果持續上漲趨勢，PEPE 可能會在未來幾週內測試 0.00002203 美元附近的 2.618 斐波那契回撤位，較當前價格水平上漲約 32%。

PEPE/USDT daily price chart. Source: TradingView

PEPE/USDT 每日價格圖表。來源：TradingView

Wealthiest PEPE investors are selling

最富有的 PEPE 投資者正在拋售

PEPE's bearish technical outlook is further supported by the ongoing profit-taking activities of its wealthiest investors.

PEPE 的看跌技術前景得到了最富有投資者持續獲利了結活動的進一步支持。

During the market uptrend, the supply of PEPE held by entities with balances exceeding 1 billion tokens has decreased. This suggests that these "whales" have been selling at local price peaks. Consequently, the supply of PEPE held by smaller investors has increased.

在市場上漲過程中，餘額超過 10 億代幣的實體持有的 PEPE 供應量有所減少。這表明這些“鯨魚”一直以當地價格高峰出售。因此，較小投資者持有的 PEPE 供應量增加。

PEPE supply distribution. Source: Santiment

PEPE供應分佈。資料來源：Santiment

However, there have been instances where traders have withdrawn millions of dollars worth of PEPE tokens from exchanges after the latest pump, indicating their intention to hold the memecoin rather than sell it at its current highs.

然而，在最近一次暴漲之後，交易者曾從交易所撤回價值數百萬美元的 PEPE 代幣，這表明他們打算持有 memecoin，而不是在當前高點出售它。

Source: X

來源：X

The impact of these withdrawals on the overall whale supply data remains to be seen, but they further highlight PEPE's correction risks in June.

這些提款對整體鯨魚供應數據的影響還有待觀察，但它們進一步凸顯了 PEPE 6 月的修正風險。

This article does not provide investment advice or recommendations. All investments and trading involve risk, and readers should conduct their own research before making any decisions.

本文不提供投資建議或建議。所有投資和交易都涉及風險，讀者在做出任何決定之前應自行研究。