The HOME price didn’t just wake up and decide to double overnight. The token surged more than 100% in the past 24 hours, climbing from $0.02800 to $0.05650 as traders piled into a rally that had been building for days.
The groundwork was laid after a May 26 announcement highlighting the growing success of Rocket Perps, a product that DeFi App described as its highest-revenue launch to date despite still being in beta. More importantly, the project revealed that 80% of Rocket Perps revenue had been used to buy back HOME tokens, immediately giving traders a clear narrative to chase.
Rocket Perps Revenue Sparks Fresh Demand
The timing couldn’t have been better. Alongside the buyback announcement, the team confirmed that the beta phase is ending and a full launch is scheduled for June 4. According to the project, the upcoming launch is expected to expand participation from hundreds of users to thousands.
Naturally, traders noticed.
As speculation around the launch grew, demand for HOME accelerated sharply across spot and derivatives markets.
Derivatives Data Shows Traders Rushing In
The derivatives market painted an even clearer picture of the frenzy. Trading volume surged 321%, while open interest jumped 57% as fresh positions flooded into the market.
That influx of leverage created ideal conditions for volatility.
Short Sellers Fuel HOME Price Rally
Liquidation data shows a total of $4.14 million in positions were wiped out over the past day. Of that amount, $2.78 million came from short positions compared to $1.36 million in long liquidations.
That imbalance points to a classic short squeeze, where bearish traders were forced to close positions as prices climbed. With the June 4 launch approaching, the HOME price remains one of the market’s most closely watched momentum stories.