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New speculative interest has swept through the meme coin market today, with top tokens Dogwifhat (WIF), PEPE, DOGE, SHIB, BONK and FLOKI all posting high-volume, double-digit gains. Let’s break down the key movers and see which of these rallies have real strength behind them.

Market data platform Lookonchain today that high-leverage trader James Wynn has once again suffered losses on the perpetual futures exchange Hyperliquid. Wynn had recently claimed $23,117 in referral rewards and used the funds to open new long positions on PEPE, Ethereum (ETH), and Dogecoin (DOGE).

The meme coin sector is showing renewed strength after the holidays, with fresh data pointing to a strong rebound across several major tokens.

An Ethereum whale has tilted heavily toward Ethena (ENA), reshaping its portfolio away from PEPE and Pendle (PENDLE).

Pepe (PEPE) is once again in the spotlight as it approaches a critical breakout level, riding the coattails of Ethereum’s recent rally. While ETH has surged to new highs, PEPE has lagged, positioning itself as a potential high-beta catch-up play.

The market for the meme token PEPE is presenting a conflicting picture for traders, as significant bearish on-chain activity clashes with a potentially bullish technical chart pattern.