Pepecoin (PEPE) has surged 60 per cent in the past 24 hours, extending weekly gains to more than 370 per cent in a rebound triggered by Meme coins such as Dogecoin (DOGE) and bonk (BONK).

CoinGecko Data shows that the volume of frog-themed tokens jumped to a record high of $3.6 billion, as the risk appetite environment is likely to spur big bets on riskier assets such as counterfeit coins and memes.

Frog-themed pepecoin has significantly more revenue than the meme token shiba inu (SHIB) and dogecoin—— even though the developers of some of these tokens have introduced ecosystem upgrades. DOGE is up 170% in the past week, while SHIB is up 200%. Meanwhile, the broader CoinDesk 20 index (CD20) is up 14%.

With the SOL for Bitcoin, Ether and Solana rising by more than 10%, Meme  became the focus of attention in late February. Non-serious tokens are seen as a way to bet on blockchain growth because they are considered more retail-friendly and easier to understand by new investors.

Meanwhile, there has been an unusually large liquidation of PEPE-related futures products since Friday, suggesting that short covering (or traders withdrawing bearish bets on the meme token price) may have overstated the size of the gains.

ContentFi Labs Chief Operating Officer Nick Lack (Nick Ruck) said: " As blue-chip tokens and tokens take a breather in the recent price surge, traders and investors are flooding into meme tokens to meet their desire for a quick flip.”

Futures contracts tracking PEPE have been cleared for more than $50 million. With short positions (or PEPE-down bets) resolved, this could lead to a price spike.

The data show that only Bitcoin (BTC), Ether (ETH) and Dogecoin futures have been cleared in the past 24 hours.

As a result, the financing rate for perpetual futures linked to PEPE futures remains negative, indicating a dominant position over the derivatives market. Negative money rates suggest that bears are dominant and are willing to pay long to keep bearish bets.