Meme coin market heats up again. PEPE recorded a 26% single-day increase yesterday driven by on-chain buying, successfully breaking free from months of consolidation and reaching a new high. Behind this surge, it reflects the market's renewed recognition of the attention economy surrounding meme assets.

On-chain analyst James Wynn recently reiterated his long-term bullish stance on PEPE. He pointed out that the current community consensus strength of PEPE has surpassed that of SHIB during the previous cycle. According to Wynn's model, if the meme coin season continues, PEPE's market cap could reach $69 billion — which means there is still considerable room for growth from the current price levels.

Why is this outlook so optimistic? Wynn's logic is straightforward: as more institutional funds flow into the crypto market, meme assets with high liquidity and strong community recognition will become the preferred choice. The 26% single-day increase is just the beginning of capital reallocation, and larger spillover effects may follow — funds are gradually shifting from hot small-cap coins to early projects with practical applications or innovative mechanisms.

From a capital perspective, many investors are adopting profit-taking strategies. Returns from PEPE's secondary market are partially redirected into related ecosystem projects currently in presale. These projects introduce new mechanisms such as virtual mining to attract seeking-return capital. This flow of funds from hot spots to new projects, to some extent, reflects market participants' expectations for the sustainability of the meme ecosystem.

However, it is important to remember that the high volatility and risk characteristics of meme coins have never changed, and any investment decision should be based on one's own risk tolerance.