PEPE token has surged to a market cap of $502 million since its issuance last month, with a 2,100% rise. It has around 75,000 holders, with some wallets holding more than $5 million worth of the tokens. The token surged by 350% over the weekend, and BitMEX has listed perpetual swaps for PEPE with up to 50x leverage. However, some early investors have been cashing out, with one losing $350,000 due to minimal liquidity and another causing a 50% price drop by cashing out $678,000 worth.

PEPE's price action is similar to dogecoin's with intense volatility due to a lack of liquidity or sustainable demand. The token may face sell pressure when derivative markets go live, as traders attempt to capitalize on a trend that has historically ebbed and flowed.