Pepe Coin Surges 26% Amid Meme Coin Rally, Derivatives Activity Spikes
Pepe Coin has emerged as one of the top gainers in the crypto market, surging by 26.38% to $0.00000507 within a 24-hour period.
The token's price increase is part of a broader meme coin rally that has seen its value reach $37.8 billion, up 7.6% over the past day.
Dogecoin and Shiba Inu also rose by 13.5% and 9.4%, respectively, while Pudgy Penguins increased by 13.5%
The surge in Pepe Coin's price can be attributed to several factors, including rising derivatives activity, short liquidations, and stronger technical momentum.
According to Coinglass data, $3.04 million in PEPE liquidations occurred within a 24-hour period, with $2.27 million coming from short positions.
This led to bearish traders repurchasing tokens, adding immediate upward pressure during the breakout.