Pepe Price Soars on Short Squeeze, Resistance Trendline in Focus

The price of PEPE surged nearly 15% over the past 24 hours, driven by a wave of short liquidations that added momentum to its advance.

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 surge builds on an 18% gain last week, and PEPE continued climbing this week, recording an 18% increase on Monday followed by another 10% advance on Tuesday.

According to CoinGlass data, PEPE recorded $4.09 million in liquidations over 24 hours, with short positions making up $2.33 million of that total, or nearly three-quarters.