Pepe Surges Over 22% Amid Broader Crypto Rally and Short Liquidations
The meme coin Pepe (PEPE) surged over 22% in the past 24 hours, reaching $0.0000049 and outperforming major cryptocurrencies like Bitcoin and Dogecoin. The rally was fueled by a significant short liquidation wave totaling $919 million, with crypto traders losing large amounts as prices climbed sharply. Pepe's weekly gain now exceeds 40%, pushing its market value back above $2 billion despite still trading over 80% below its all-time high from December 2024. Bitcoin also rose by nearly 7.3% to approach the $87,000 level, while Ethereum and Solana gained more than 5%. Other meme coins like Dogwifhat (WIF) and Dogecoin saw gains of over 17%, with smaller tokens Mubarak and Useless rising sharply as well. The broader crypto market experienced a short squeeze that disproportionately affected Bitcoin shorts ($558 million in losses), Ethereum shorts, and other leveraged positions. Despite the strong performance across meme coins, there is no clear catalyst for Pepe's rise—no new exchange listing or protocol updates have been announced. Analysts suggest the rally aligns with typical behavior during short squeezes where meme tokens amplify Bitcoin’s movements.
Topics: Bitcoin meme coins Pepe short liquidations