Pepe (PEPE) recently achieved a record high on May 27 following the approval of key Ether exchange-traded fund (ETF) filings in the U.S., which led traders to perceive Ethereum-based memecoins as lucrative yet high-risk opportunities. The surge saw PEPE's price reaching $0.00001725, marking an 88% increase since the SEC's approval of the Ether ETF filings on May 20. However, there are concerns about a potential 40% crash by June due to indications of a bearish divergence between rising prices and falling daily relative strength index (RSI), reminiscent of a previous crash in January. The daily RSI has already crossed the 70 threshold, indicating an overbought market, which may precede a correction towards the 50-day exponential moving average (EMA) at around $0.00000965. Additionally, profit-taking activities among PEPE's wealthiest investors and increased supply held by smaller investors add to the bearish outlook, despite some traders withdrawing millions of dollars worth of PEPE tokens from exchanges post-surge.