PEPE on-chain activity is running 3.1x above its own baseline, with 30 transfers and $871.3K in volume over the last hour.

That is a clear break from routine. When an asset spikes against its own baseline and clears the "on fire" thresholds, it signals an unusual concentration of attention. The volume is not jaw-dropping in absolute terms, but the high multiple means someone, or a group, just started moving this asset far more than it normally sees.