PEPE Surges 17% As DOGE Rises By Only 4%

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The meme cryptocurrency PEPE surged 17% on Monday, significantly outpacing the 4% rise in Dogecoin (DOGE). The rally in PEPE was driven by a spike in open interest and trading volume on PEPE futures, suggesting fresh money entering the market rather than just short covering. Meanwhile, DOGE's chart shows a steep descending channel from its October 2025 peak, with its 200-day EMA remaining a distant ceiling.

Why it matters

The outperformance of PEPE over DOGE highlights the volatility and speculative nature of the meme coin market, where small shifts in investor sentiment can lead to significant price swings. This could be of interest to traders and investors looking to capitalize on the meme coin craze, though it also underscores the risks involved in this highly speculative market.

The details

The surge in PEPE was driven by a 11.56% increase in open interest on PEPE futures to $228.54 million, along with a 520.51% explosion in 24-hour trading volume to $1.73 billion. This suggests fresh money entering the market rather than just short covering. Liquidation data showed $98,000 in short liquidations versus $327,000 in longs, indicating the rally caught a significant portion of the short side offside. PEPE had been more aggressively sold than DOGE, setting up a cleaner derivatives squeeze when the macro tailwind arrived.

• On Monday, March 16, 2026, PEPE surged 17% while DOGE rose by only 4%.