Pepe Soars on Short Squeeze, Targets New Highs

Pepe (PEPE) has surged more than 21% in the past week to trade near $0.0000045, defying mixed technical signals and heightened volatility.

The strong weekly advance is largely attributed to a major short squeeze in derivatives markets, which triggered over $2 million in short liquidations and reignited speculation around the token's outlook.

As a result, Pepe's market capitalization has risen above $2 billion, underscoring the scale of speculative flows.

Despite elevated volatility at 44.47%, momentum indicators show an ongoing uptrend with a bullish bias, though near-term gauges are approaching overbought readings.