Memecoins, including PEPE, are showing signs of a potential resurgence reminiscent of the 2,500% rallies seen in early 2024. The current market conditions, marked by historic lows in memecoin dominance and a fear and greed index at extreme lows, suggest a possible repricing phase. Despite thin liquidity, these tokens could experience significant price movements with minimal capital inflows. The broader cryptocurrency market has matured since early 2024, yet memecoins like WIF, FLOKI, and BONK remain undervalued. The present environment closely mirrors the conditions that previously led to substantial gains, indicating that memecoins may be on the verge of another significant rally.