PEPE Soars on Short Squeeze Frenzy

PEPE's price surged nearly 15% over the past 24 hours as short squeezes fueled its rally. The meme coin outperformed many major cryptocurrencies, gaining roughly 50% in less than 10 days.

The combination of derivatives activity and short liquidations added to PEPE's momentum. Derivatives activity accelerated alongside the price move, with traders opening more futures positions and those betting on a decline suffering significant losses.

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