$PIPPIN

Even if we take a conservative view and assume only he minimum short positions liquidated within a single hour, we're stil looking at roughly $1,000,000 being wiped out. That kind of forced-buying pressure was a major catalyst behind the sharp squeeze to 0.35, and it highlights just how aggressively the market was positioned on the short side at the time.
The problem now is sustainability. Unless a similarly large cluster of shorts rebuilds, the probability of seeing another squeeze that magnitude is significantly lower. Without that fuel, a decisive break above the previous high becomes structurally difficult. .c other words, the last rally wasn't purely organic demand-it was amplified by liquidation-driven buying.
For a true breakout scenario, we would need either
1. a fresh wave of short positioning at comparable size, or
2. a meaningful shift in spot demand that can replace the mechanical buy pressure generated during the squeeze.
those conditions, " mnarket is more or exceed
Absent consolidate rather than peak.