Pepecoin (PEPE) explodes for a 30% gain, triggering a wave of liquidations and whale activity

Pepe PEPE/USD price shot up by 30% in the past 24 hours, hitting a high of $0.0000138 on Monday. The meme coin's price surge comes as traders are now eyeing a massive weekend ahead for the meme coin.

Here's a closer look at what traders are saying about Pepe and what to expect in the coming days of trading:

What Traders Are Saying About Pepe

Crypto trader MaxBecauseBTC highlighted that Pepe is approaching a critical resistance at the 180-day VWAP, coinciding with a key retest of the February trend breakdown. A breakout here, he says, could set off a rapid surge.

"Massive resistance for Pepe.

180-day VWAP, and February trend breakdown, both coming into play here. Expect some rapid price action if we break out."

Massive resistance for Pepe.

180-day VWAP, and February trend breakdown, both coming into play here. Expect some rapid price action if we break out.

Could also see a bounce off the 0.382 Fib if we get a pullback. pic.twitter.com/9i7K4pL09E

— MaxBecauseBTC (@MaxBecauseBTC) May 9, 2025

Meanwhile, trader EddyXBT is calling for a $10 billion market cap for Pepe by this weekend.

Pepe to $10B market cap by this weekend.

Get ready for the ride. ?

— Eddy (@Eddy_XBT) May 9, 2025

Adding to the intrigue, trader lyx pointed out that the current move comes exactly 420 days from Pepe's 2024 peak, a symbolic number in meme culture. They believe this alignment could kick off "the biggest rally in crypto history."

This is 420 days from Pepe's 2024 peak.

Get ready for the biggest rally in crypto history.

May the 420th day bring us the meme coin madness we crave! ?

— lyx (@__lyx__) May 9, 2025

Unipcs noted Pepe's 43% surge in 24 hours, comparing the momentum to its early 2024 rally where PEPE soared 1,100% in just four weeks, often leading other meme coins.

Pepe's 43% 24h surge is insane! This reminds me of early 2024 when PEPE rose 1100% in four weeks, usually leading other meme coins. Could this spark another altseason with massive gains for other tokens? Only time will tell! ?

— Unipcs (@Unipcs) May 9, 2025

Key Levels To Watch

After a brief setback from the $0.0001400 level, Pepe encountered support at the 0.382 Fibonacci retracement of the March 2024 swing high to August 2024 swing low, and recovered back above the 180-day VWAP.

A successful breakout above the 180-day VWAP, which coincides with the critical Fibonacci level and the February trendline, could open the door for a swift rally towards the 0.5 Fib, around $0.0001800, and ultimately, the 0.618 Fib, at approximately $0.0002400.

Conversely, if sellers manage to push the price back below the 0.382 Fib, it could pave the way for a deeper decline towards the 0.236 Fib, at roughly $0.0000800.

Pepe Surging, Liquidations Triggered

As of 07:30 ET Monday, Pepe was trading at $0.0001347, showing a 24-hour gain of 28%, according to Benzinga Pro. The meme coin had hit a daily high of $0.0001380 earlier in the session.

The latest move comes after a period of consolidation for Pepe, which had been trading in a relatively tight range in recent weeks. The token's price began to surge on Monday morning, as buying pressure mounted.

The rapid price increase triggered a wave of liquidations, with traders who had leveraged positions on the downside of the market being forced out of their trades. According to Coinglass, Pepe liquidations in the past 24 hours amounted to $19.4 million.

Of the total liquidations, short liquidations came in at $9.4 million, marking the highest