It's true, Pepe has a chance, as you said, Pepe has very strong support. We can see the price managed to print a new ATH and provide a lot of profit to those who continued to hold PEPE when the price was still cheap. PEPE is often used by whales to have fun by raising and lowering the price according to their wishes.
That is the problem faced by small investors. Meme coins have much higher volatility than altcoins. This is because the price has increased significantly. PEPE has shown an increase of thousands of percent since its initial launch. I'm sure there are still many whales holding PEPE and playing with its price in the market. Therefore we need to be careful in handling meme coins. I agree with you that the PEPE market is still very small and I think it is good for short term trading.