Pepe Rides Bitcoin's Short Squeeze Wave

Bitcoin's short squeeze has spilled over into other cryptocurrencies, pushing Pepe (PEPE) up 12.09% in four hours.

The move is attributed to a market-wide short squeeze led by Bitcoin, which broke above $84,000 to $85,000 on September 21, resulting in hundreds of millions of dollars in short liquidations.

This classic short squeeze has caused spot prices to rise across the board, with many altcoins up double digits and strong risk appetite evident throughout the market.

As a high-beta memecoin, Pepe tends to move more than major cryptocurrencies when the market becomes bullish. The 12.09% surge in Pepe's price is seen as a response to this broader market shift rather than any specific news or event related to the token itself.