PAX Gold (PAXG) Skyrockets After Binance Short Squeeze — $6.82M Liquidated as Price Peaks at $5,106

Market data on October 17 indicates the mainstream exchange gold‑pegged token PAX Gold (PAXG) registered a sharp intraday spike, briefly exceeding $4,800 on certain venues and trading near $4,436 at the time of reporting.

Community analysis attributed the move to a liquidation event on Binance, where the platform’s inverse perpetual short pair recorded a maximum uptick of 15.8%, printing as high as $5,106; Binance has not provided an official comment.

Coinglass metrics show roughly $6.82 million in PAXG liquidations over the prior four hours — about $1.279 million long and $5.5453 million short — highlighting concentrated short‑side exposure and episodic market volatility.