Pepe Price Jumps Nearly 15% as Short Squeeze Fuels Rally

The price of Pepe ($PEPE) has surged nearly 15% over the past 24 hours, propelled by a wave of short liquidations that added momentum to its advance. This surge comes after Pepe gained roughly 50% in less than 10 days, with the next potential upside target being the longer-term resistance breakout at $0.00000567.

Derivatives activity has accelerated alongside the price move, with traders opening more futures positions and those betting on a decline suffering the largest share of recent liquidations. The combination has strengthened Pepe's near-term outlook, although an overbought momentum reading suggests the rally could become volatile.

The imbalance in Pepe's liquidation data suggests that this feedback loop contributed to the latest rally. The surge builds on an 18% gain last week, with $PEPE continuing to climb this week, recording an 18% increase on Monday followed by another 10% advance on Tuesday.