Volume of futures tracking meme coins continued to rise massively on Saturday as bets against non-serious tokens lost a cumulative $50 million in the past 24 hours, a sign of irrational exuberance.

Data from Coinglass shows shorts, or bets against, on dogecoin, shiba inu, pepe, floki and bonk saw over $50 million in liquidations in the past 24 hours, contributing to price surge among these tokens.

Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).

Pepe (PEPE), the frog-themed meme token on Ethereum, was up as much as 100% to set record highs.

WIF, the dog-themed token on Solana that was issued in November was up as much as 80% to become one of the first prominent meme tokens to cross the $1 price mark.

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