,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) 价格飙升至历史新高，这是由于最近美国关键的以太坊 (ETH) 交易所交易基金 (ETF) 申请获得批准，导致交易者认为基于以太坊的 memecoin 价格上涨-风险高回报的机会。

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 的价格上涨 7.60%，达到 0.00001725 美元的历史新高。自 5 月 20 日美国证券交易委员会 (SEC) 批准 ETH ETF 备案以来，这一涨幅令人印象深刻，达到 88%。

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

其他以太坊标准模因币，包括狗狗币 (DOGE)、柴犬 (SHIB) 和莫格币 (MOG)，在 ETF 申请批准后也大幅上涨。

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

PEPE/USDT 与 DOGE/USD、SHIB/USD 和 MOGUSDT 每日价格表现图表。来源：TradingView

PEPE fractal suggests a 40% price correction in June

PEPE 分形表明 6 月份价格回调 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).

由于价格上涨与每日相对强弱指数 (RSI) 下降之间的差距越来越大，佩佩市场持续的涨势可能会在未来几周内耗尽。

PEPE/USDT daily price chart. Source: TradingView

PEPE/USDT 每日价格图表。来源：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“看跌背离”表明上涨动力弱于价格上涨走势所暗示的，并可能预示着潜在的价格逆转。这种情况让人想起 1 月份 memecoin 暴跌 40% 的情况，当时它们的价格上涨与 RSI 趋势下降之间出现了明显的背离。

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 已经突破 70，这是一个超买区域，通常会出现在价格调整或盘整期之前。这进一步加剧了 PEPE 市场在经历了一年的强劲表现后的抛售风险。

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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.

如果出现调整，PEPE 的价格可能会在 6 月份跌向 50 日指数移动平均线（50 日 EMA；红色波浪），约为 0.00000965 美元，较当前价格水平下降约 40%。这类似于一月份发出看跌背离信号后的价格调整。

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，如果持续上涨趋势，PEPE 可能会在未来几周内测试 0.00002203 美元附近的 2.618 斐波那契回撤位，较当前价格水平上涨约 32%。

PEPE/USDT daily price chart. Source: TradingView

PEPE/USDT 每日价格图表。来源：TradingView

Wealthiest PEPE investors are selling

最富有的 PEPE 投资者正在抛售

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

PEPE 的看跌技术前景得到了最富有投资者持续获利了结活动的进一步支持。

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.

在市场上涨过程中，余额超过 10 亿代币的实体持有的 PEPE 供应量有所减少。这表明这些“鲸鱼”一直在以当地价格高峰出售。因此，较小投资者持有的 PEPE 供应量有所增加。

PEPE supply distribution. Source: Santiment

PEPE供应分布。资料来源：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，在最近一次暴涨之后，交易者曾从交易所撤回价值数百万美元的 PEPE 代币，这表明他们打算持有 memecoin，而不是在当前高点出售它。

Source: X

来源：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.

这些提款对整体鲸鱼供应数据的影响还有待观察，但它们进一步凸显了 PEPE 6 月份的修正风险。

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.

本文不提供投资建议或建议。所有投资和交易都涉及风险，读者在做出任何决定之前应自行研究。