Recently, PEPE's performance has indeed attracted a lot of attention. In just a few days, the price has surged nearly 40% from the bottom. Such a strong rally is usually only seen during the altcoin season.

But don't rush to be overly bullish. Anyone involved in the crypto market knows that the most dangerous moments are often when a big bullish candle appears. A single K-line can change beliefs, and that's the riskiest.

Carefully observing this wave of upward movement, there's a very noticeable phenomenon—the manipulation tactics are very obvious. Looking at the order book, large orders are being matched against each other, with order suppression and support, and the entire operation logic is very clear. This is clearly not the result of retail investors' natural movement; there must be major funds behind it.

Based on current signs, the intentions of these major players are gradually becoming apparent. They are testing the market, looking for a breakout opportunity, which industry insiders call "bottom exploration."

The key question is: is this a real breakout or a false one?

If it's a substantial breakout, there could be significant room for further growth. But if it's just a rebound trap, then it's a classic "lure the tiger out of the mountain" pattern, with high risk.

To determine which is which, we need to look at the sustainability. The size of the increase isn't the main point; the key is whether the price can stay high for three consecutive days without falling back. As long as this happens, the current trend can be considered confirmed. Conversely, if trading volume diminishes and prices start to pull back tomorrow, it's most likely just a normal correction of an oversold rebound.

Trading suggestion: those holding positions can continue to hold, but must set stop-loss and take-profit points to manage risk. Investors still on the sidelines should avoid chasing highs now; wait until the price retraces and confirms support levels before considering entering.