PEPE just hit $8.7 billion in trading volume while adding $1 billion to market cap. Think about that ratio for a second—nearly nine bucks in trades needed to generate one dollar of actual value growth. That's not how accumulation works. Real believers don't need a 9:1 volume-to-cap ratio. They add positions gradually, steadily. This kind of extreme disparity? That's pure momentum chasing. Traders rotating in and out, frontrunning each other, trying to catch the wave. The distribution pattern is pretty clear when you look at the data this way. Volume that massive relative to market cap gains isn't conviction—it's the opposite. It's noise masquerading as growth.