PEPE's recent movement is actually quite interesting, looking a bit overly perfect—essentially a carefully orchestrated market move.

How was it pushed up on the first day of the year? Simply a violent surge. You can't find a decent lower shadow on any timeframe candlestick; it just shot straight up from the open. This alone raises questions. Looking at the order book on the left side, the buy-side liquidity is stacked extremely high, which is a more telling detail.

Considering the specific timing (the special window at the year's opening) and structural features (a large concentration of buy-side liquidity), I tend to interpret this as a short squeeze—stop-losses were swept out, and the price was pushed higher, but this doesn't necessarily mean market makers are actively raising prices or that genuine longs are entering.

Can it be chased? Theoretically, if high-quality accumulation signals appear at the bottom, this kind of surge could be terrifying. But the problem is, we didn't see any such signals this time. Moreover, from a higher timeframe perspective, if the movement follows the HTF-level TCT distribution structure, then the logic behind this rise and the surge itself is very similar—there's always a risk of a quick reversal downward.

The next few days to weeks will be critical. Continued observation is necessary.