Meme coins rally as Bitcoin short liquidations exceed $900 million

Following Bitcoin's surge past $87,000, over $919 million in short positions were liquidated across the market. Capital is rotating into high-beta assets, with meme coins outperforming Bitcoin. DOGE rose nearly 14% and PEPE surged over 25% in 24 hours. The total meme coin market cap reached approximately $38.2 billion with $6.1 billion in trading volume. While Bitcoin's initial rally was driven by ETF inflows and short covering, the current trend shows a risk-on expansion into more volatile assets.