Meme coins, such as Pepe (PEPE), have seen a significant price increase, with shorts losing a cumulative $50 million in the past 24 hours.
According to data from Coinglass, bets against Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Floki (FLOKI), and Bonk (BONK) saw over $50 million in liquidations in the past 24 hours. This contributed to the price surge among these tokens.
Meme coins started to come into focus last week as proxy bets on the growth of whichever blockchains these tokens are based on.
Especially Ethereum-based DOGE, SHIB, PEPE, and FLOKI have captured most of the meme trading volume on that network, while BONK and Dogwifhat (WIF) have acted as Solana proxies.
Bullish bets on DOGE set a record on Thursday with $1 billion in opened positions, with nearly 70% of those betting on the continued growth of the tokens.
Additionally, open interest in PEPE, SHIB, BONK, and FLOKI has also grown multifold to a cumulative $1.5 billion in the past few days, indicating new money entering the market.
Note that meme tokens, usually considered to have no intrinsic value, are quickly gaining favor among traders. Some even invest in tokens built on the network in recognition of the online culture and memetic value they can drive among investors.
