Pepe Coin, a new meme coin sensation, experienced a significant recovery rally on Saturday following a tweet from Elon Musk. However, the coin's price has declined by 38% over the past seven days, resulting in massive losses for traders who were betting against it. According to CoinGlass data, almost $10 million of liquidation came out of Pepe Coin in the last 24 hours, with $6.8 million of short positions (68.61%) getting liquidated amid the recent surge. Despite this, Pepe Coin has still surged more than 3500% in the last 30 days and its price is up by over 50% in the past 24 hours.