Pepe Surges on Short Squeeze, Hints at Bullish Trend Reversal

Pepe (PEPE) has surged nearly 30% in the last 24 hours, outperforming top cryptocurrencies and hinting at further upside potential. The price rise is attributed to a short squeeze of over $2 million during the same period, forcing traders to buy back positions in the meme coin.

Derivatives data indicates that of the total liquidation of $3.04 million over 24 hours, $2.27 million came from short positions, indicating bearish bets on PEPE failed and led to a buyback.

The positive feedback drove PEPE futures Open Interest (OI) up more than 30% in the same period to $418.65 million, while trading volume surged by over 200% to $1.50 billion. This indicates strong retail participation, which typically fuels a bull run in meme coins.