Pepecoin (PEPE) Price Hits New ATH With More than 77% Short Trades Liquidated

Pepe ($PEPE) price rallied to a new ATH on Thursday as more buyers went all in on the meme coin. According to on-chain data from etherscan, Pepe had more than 83.5k holders as of today, who have facilitated over 557k token transfers. As Pepe whales continued to hold amid the latest dip, the token’s market capitalization spiked above $680 million on Thursday. Additionally, the total trading volume jumped more than 27 percent to about $330 million as of reporting time. 

Pepe Market Outlook 

According to market data provided by Coinglass OKX, and Huobi are the largest centralized exchanges supporting Pepe trades. In the past 24 hours, approximately $6.48 million in the Pepe market was liquidated, whereby 77 percent constituted short traders. As short traders transform into quick buyers, Pepe’s short squeeze is anticipated to push the meme coin even higher in the coming days.

Pepe Price Action

Although the meme coin is a few weeks old, crypto analysts have been looking at the lower time frames to identify key changes that may indicate future trends. On the hourly time frame, Pepe’s price was retesting on the logarithmic downtrend in the past few hours before the breakout.

Now that Pepe is in price discovery mode, the meme coin is now tied to psychological thresholds including 10X and 100X. In that regard, Pepe’s price could be looking at more upsides to hit a solid 10x. According to market data provided by Coingecko, Pepe’s price has gained about 640 percent in the past seven days.