The PEPE token has experienced a remarkable resurgence, demonstrating the performance of a blue-chip asset and even surpassing its $4,500 peak. This revival is being driven by short squeezes and increased participation from high-leverage traders. 23% of PEPE trading activity is concentrated on Binance, where high-leverage short positions reach up to $0.000016, fueling the potential for a short squeeze. James Wynn, a notable crypto trader with a history of risky long positions, has entered the game by allocating his remaining funds in his Hyperliquid account for a 10X leveraged PEPE long position. This move has sparked copycat strategies among other traders on Hyperliquid and fueled further volatility.