PEPE memecoin reclaims $2 billion market capitalization

The PEPE memecoin has reclaimed a market capitalization of approximately $2.08 billion following a significant price rally. The token saw a daily increase of over 10%, extending its weekly gains to roughly 20.6%. This surge occurred as PEPE outperformed major cryptocurrencies like Bitcoin and Ethereum during the same period.

A notable driver of the recent price action was a short squeeze, with CoinGlass reporting over $2.4 million in short liquidations compared to approximately $1.3 million in long liquidations over a 24-hour window. This forced buying from short sellers contributed to the token clearing local resistance levels near $0.00000476 to trade around $0.00000502.

Despite the bullish momentum, market analysts note potential volatility. While exchange outflows previously supported price increases, recent data shows an inflow of 2.11 trillion PEPE tokens back into exchanges, which may indicate profit-taking. The ability of the token to maintain its position above reclaimed resistance levels remains a key point of interest for the Q4 altcoin market.