The meme token PEPE experienced sharp volatility, surging 138% in 24 hours before retracing 81% from its peak. The sudden price swing saw PEPE hit $0.00000143 before dropping to $0.00000027, with trading volume spiking to $1.2 billion. Analysts attribute the extreme moves to speculative trading and low liquidity in the meme coin market, noting similar patterns in other meme tokens like SHIB and DOGE. The token's market cap briefly surpassed $500 million during the rally. Crypto exchanges reported heavy trading activity, with Binance accounting for over 40% of PEPE's volume. Traders caution about high-risk nature of such assets amid regulatory scrutiny on meme coins.