At the time of writing, PEPE is trading at around $0.000005041 threshold. The token surged by 3% over the past 24 hours, amid broader weakness in the cryptocurrency market. Weekly gains add up to 12%.PEPE price chart, Source: CoinMarketCapMultiple indicators suggest renewed interest in the token. Derivative markets exhibit increased activity, while on-chain metrics indicate growing network participation. These contradictory signals present a complex picture for traders evaluating PEPE's near-term prospects.Derivative Markets Signal Growing InterestPEPE's futures market activity has expanded significantly. Open Interest climbed 7.87% in the past day to reach $257.18 million, according to CoinGlass data. This metric tracks the total value of outstanding derivative contracts.Rising Open Interest typically indicates new capital entering the market. Traders are opening fresh positions rather than simply closing existing ones. The increase suggests speculators maintain confidence in potential price movement despite current losses.Memecoin price rallies often depend heavily on retail participation and speculative trading. The uptick in derivative activity could provide fuel for a recovery if market sentiment shifts positive. However, elevated Open Interest can also amplify volatility in both directions.Network Activity Points to Expanding User BaseOn-chain data reveals notable growth in PEPE's network participation. Santiment reported network growth jumped to 623 on Monday from 448 the previous day. This metric measures new addresses conducting their first transactions with the token.The influx of new users represents fresh demand entering the ecosystem. Network expansion often precedes price appreciation as adoption increases. The 39% surge in new addresses suggests PEPE is attracting attention beyond its existing holder base.Large-scale transactions also spiked recently. Whale investors executed 36 transfers exceeding $1 million each on Sunday. These major movements helped push PEPE above the $0.00005 level during Monday's trading. Continued whale accumulation could support higher prices if institutional interest persists.At the time of writing, PEPE is trading at around $0.000005041 threshold. The token surged by 3% over the past 24 hours, amid broader weakness in the cryptocurrency market. Weekly gains add up to 12%.PEPE price chart, Source: CoinMarketCapMultiple indicators suggest renewed interest in the token. Derivative markets exhibit increased activity, while on-chain metrics indicate growing network participation. These contradictory signals present a complex picture for traders evaluating PEPE's near-term prospects.Derivative Markets Signal Growing InterestPEPE's futures market activity has expanded significantly. Open Interest climbed 7.87% in the past day to reach $257.18 million, according to CoinGlass data. This metric tracks the total value of outstanding derivative contracts.Rising Open Interest typically indicates new capital entering the market. Traders are opening fresh positions rather than simply closing existing ones. The increase suggests speculators maintain confidence in potential price movement despite current losses.Memecoin price rallies often depend heavily on retail participation and speculative trading. The uptick in derivative activity could provide fuel for a recovery if market sentiment shifts positive. However, elevated Open Interest can also amplify volatility in both directions.Network Activity Points to Expanding User BaseOn-chain data reveals notable growth in PEPE's network participation. Santiment reported network growth jumped to 623 on Monday from 448 the previous day. This metric measures new addresses conducting their first transactions with the token.The influx of new users represents fresh demand entering the ecosystem. Network expansion often precedes price appreciation as adoption increases. The 39% surge in new addresses suggests PEPE is attracting attention beyond its existing holder base.Large-scale transactions also spiked recently. Whale investors executed 36 transfers exceeding $1 million each on Sunday. These major movements helped push PEPE above the $0.00005 level during Monday's trading. Continued whale accumulation could support higher prices if institutional interest persists.