Pepe, Pudgy Penguins, Bonk show setups as meme mania hits 80%

Whaleportal’s Meme Season Index reached 80% and the meme coin sector rose about 7% over the seven days to early May. The CoinMarketCap Altcoin Season Index is in the low 40s, up from the mid-30s a month earlier.

On Solana’s Pump.fun launchpad, recurring traders made up 79.3% of bonding curve transactions on May 7. Bonding curves are early-stage liquidity pools where new tokens trade before moving into wider markets.

Pepe (PEPE) trades near $0.00000414 and is about 12% higher over the past 30 days. On the daily chart PEPE has been trading inside a rising channel that began on March 7 and has remained above the 20-day and 100-day exponential moving averages. The 20-day EMA is approaching the 100-day EMA; a bullish cross would indicateMomentum favoring buyers. Immediate resistance levels are $0.00000418 and $0.00000434. A clear break above $0.00000434 would open targets at $0.00000481 and $0.00000582. The 0.618 Fibonacci level at $0.00000380 is the key downside floor; a daily close below that level would weaken the rising channel and invalidate the breakout scenario.

Pudgy Penguins (PENGU) trades near $0.0102 and has gained roughly 50% over the past 30 days. The token reached $0.0118 in early May after a rally of about 98% from prior levels and is now consolidating in a pole-and-flag formation. The pattern would confirm if PENGU reclaims $0.0104 and pushes back above $0.0110. Above that, immediate resistance sits at $0.0121 and $0.0129, with a measured move projection to $0.0206 if the flag resolves upward. The structure would weaken on a daily close below $0.0093.

Bonk (BONK) trades around $0.0000068 and has formed a cup-and-handle pattern in recent weeks. The neckline is near $0.0000070, corresponding to the 0.236 Fibonacci level from the recent swing. A daily close above $0.0000070 would activate the pattern and set a measured target near $0.0000093, about 33% above the current price. Immediate support sits at $0.0000066, while a breach of the longer-term horizontal support at $0.0000060 would invalidate the cup-and-handle setup.

The CoinMarketCap Altcoin Season Index has risen from the mid-30s to the low 40s over the past month. Whaleportal’s reading indicates meme coins are outperforming Bitcoin during the recent week. Market participants are watching technical confirmation levels for PEPE, PENGU and BONK and the mix of recurring traders on Solana launchpads for signals about where liquidity is concentrating.