PEPE Defies Crypto Slump as Heavy Futures Activity Raises Squeeze Risk
PEPE rose about 6% in 24 hours even as the wider crypto market moved in the opposite direction, with spot trading volume near $350 million. Futures activity was much heavier at almost $900 million, and CoinGlass data showed most recent liquidations were bullish positions. One contract's long-to-short ratio suggested short positions outnumbered longs, raising the risk of a short squeeze if gains continue.
PEPE climbed roughly 6% over 24 hours while the broader crypto market went the other way. Spot turnover was about $350 million, but futures volume across its standard and 1,000x contracts approached $900 million, according to CoinGlass.
One contract showed a 0.87 long-to-short ratio, indicating more short positions than longs. Of $532,160 in daily liquidations, over $501,000 came from bullish bets. PEPE remained below $0.00000444 resistance; holding above $0.00000452 could support further gains, though a move toward its November 2024 high near $0.0000260 would need much larger volume.
The episode could matter most to retail traders and leveraged futures users, who may face rapid losses if PEPE reverses after heavy speculative activity. Meme-coin holders and exchange risk teams may also watch closely, since liquidation cascades can amplify volatility. For the wider public, the effect may stay limited unless such episodes alter confidence in crypto markets more broadly.