PEPE Rallies 9% as Short Liquidations Top $2.4M
PEPE rose 9% in four hours on October 23, 2026, reaching about $0.00000502 and outperforming Bitcoin, which gained around 0.5%. The rally pushed PEPE above local resistance near $0.00000476.
CoinGlass data showed roughly $2.42 million in 1000PEPE short liquidations over 24 hours, compared with about $1.31 million in long liquidations. Forced buying to close short positions may have amplified the move, although the data does not establish how much it contributed. Reports of declining PEPE balances on centralised exchanges may also have supported the price, but their effect is unclear.
Traders will watch whether PEPE holds above the reclaimed resistance. The sharp gain and liquidation-driven buying point to near-term momentum, but the rally could fade if demand weakens.
Bullish
The news is mildly bullish for PEPE in the short term. A 9% four-hour rise, a break above local resistance near $0.00000476 and short liquidations exceeding $2.4 million indicate strong buying pressure. When short positions are forcibly closed, buy orders can add momentum, a pattern also seen in previous squeeze-driven rallies across speculative tokens.
However, liquidations are not proof of durable demand, and the article does not establish that they caused the full price move. PEPE’s gains may also reflect broader strength among memecoins and smaller altcoins. Traders are likely to monitor whether price holds above the breakout level, alongside trading volume and further liquidation data. If it does, momentum traders may extend the move; if not, profit-taking or the exhaustion of forced buying could trigger a reversal.
The longer-term outlook remains uncertain. Declining exchange balances could reduce immediately available supply, but the reported figures do not quantify that effect. As a highly speculative memecoin, PEPE remains vulnerable to shifts in attention, liquidity and broader market sentiment. The rally is therefore a short-term positive signal, not confirmation of a sustained trend or improved market stability.