GWEI Surges 18%, US Traders Drive Rally Amid Short Squeeze Fears

GWEI has emerged as one of the standout tokens in the crypto market, surging 18% over the past 24 hours. This impressive rally is largely driven by U.S. traders actively working the asset.

According to CoinMarketCap data, GWEI's daily volume spiked to $2.09 million, a fresh high for the period, with U.S. investors accounting for roughly 12.59% of the token's total volume.

The concentration of trading activity in the U.S. market is a significant factor in GWEI's price action, and its strength suggests firm momentum behind the surge. However, the perpetual futures market tells a more cautious story, with a negative funding rate hinting at the early stages of a short squeeze.