As the popularity of meme coins continues, short sellers have been hit hard, with losses totaling $50 million in the past 24 hours. Pepe coin (PEPE) on Ethereum soared 100%, hitting a new all-time high.

Forced liquidation surge, short sellers suffered heavy losses
Futures trading volume tracking meme coins continued to rise sharply on Saturday, with Coinglass data showing that short positions in meme coins such as dogecoin, Shiba Inu, pepe, floki and bonk exceeded $50 million in the past 24 hours.

Bullish bets on DOGE hit a record, with open interest reaching $1 billion. Nearly 70% of these bets are long, or bets on the token’s continued growth. DOGE price is up more than 50% since CoinDesk first reported peak trading volume.

Multiple factors drive the rise of Meme coins
New funds enter: Coinglass data shows that the open positions of PEPE, SHIB, BONK and FLOKI have also increased several times in the past few days, reaching a total of $1.5 billion, indicating that new funds have entered the market.

Institutional investor attention: For example, the Avalanche Foundation began investing in meme tokens built on the network, recognizing the cultural and memetic value of such tokens. Ecosystem growth: Some Meme coin projects are actively building ecosystems to provide more value to investors.

Meme Coin: Opportunities and Risks Coexist
The meme coin craze reflects the emotional and speculative nature of the cryptocurrency market. While they can potentially bring huge gains to investors, they also come with huge risks. Investors need to invest prudently and manage risks well.