On May 9, 2025, the cryptocurrency market witnessed a remarkable surge in the value of Pepe (PEPE/USD), which skyrocketed by 30%, pushing its market capitalization to an impressive $5.26 billion. This sudden spike has ignited a flurry of whale activity and liquidations, with traders eagerly anticipating a potentially historic breakout for the meme coin over the weekend.
According to data from Coinglass, Pepe liquidations soared to $19.4 million in just 24 hours, marking the highest levels seen since November 2024. The surge in trading activity has caught the attention of many in the crypto community, with trader EddyXBT predicting that Pepe's market cap could reach $10 billion by the end of the weekend.
MaxBecauseBTC, a prominent crypto trader, noted that Pepe is nearing a critical resistance point at the 180-day volume-weighted average price (VWAP), coinciding with a vital retest of its February trend breakdown. He stated, "A breakout here could set off a rapid surge." This sentiment is echoed by trader lyx, who highlighted that this current move comes exactly 420 days after Pepe's peak in 2024, a number that holds symbolic significance in meme culture. They believe this alignment could trigger "the biggest rally in crypto history."
Adding to this excitement, Unipcs reported that Pepe experienced a staggering 43% surge in just 24 hours, drawing comparisons to its early 2024 rally where it surged by an astonishing 1,100% in a mere four weeks. This momentum has not only attracted retail investors but has also led to a significant increase in large transactions and daily active addresses.
Whale Alert data revealed that 7.14 trillion PEPE coins, valued at approximately $78.8 million, were transferred between unknown wallets, raising speculation about accumulation or potential over-the-counter (OTC) trading. The number of transactions exceeding $100,000 jumped from 141 to 597, indicating a robust interest in the coin.
As traders prepare for the weekend, the derivatives trading volume for Pepe expanded by a staggering 305.8% in just one day, while large transaction volume surged by 244.7%, and daily active addresses spiked by 115.8%. This renewed interest is a testament to the dynamic nature of the cryptocurrency market.
In the broader financial landscape, silver prices traded slightly higher on the same day, with XAG/USD at $32.58, reflecting a modest increase of $0.11 or 0.34%. However, gains remained capped beneath the 50-day moving average at $32.70, which is acting as a short-term resistance level. The silver market is currently navigating a mix of technical weakness and global trade developments, leaving traders cautious as they search for direction ahead of significant events.
James Hyerczyk, a seasoned technical analyst, noted that the silver chart indicates a shift in tone, with two clear lower highs at $33.70 and $33.25 following the primary top at $34.59. He emphasized that key support is situated at $32.19, and a decisive break lower could open the door to deeper retracement levels at $31.45 and $31.20.
Looking ahead, ongoing U.S.-China trade talks are being closely monitored, as any easing of tariffs on Chinese imports could bolster industrial demand for silver, which sees over 50% of its consumption tied to industrial applications, particularly in electronics and solar energy. A de-escalation scenario would be constructive for silver prices, potentially alleviating the bearish bias reflected in the technical charts.
Meanwhile, in the equities market, Nasdaq futures were analyzed for the day, with the current price resting at 20,200. The session was characterized by caution ahead of anticipated developments in U.S.-China trade negotiations, leading to a range-bound behavior in the futures market. Traders are advised to monitor key reversal levels as they look for potential breakout opportunities.
The developing VWAP for May 9 is noted at 20,181.5, with a point of control (POC) from May 2 at 20,212. The tight clustering of these values suggests that the market's current "fair value" area lies between 20,180 and 20,210. Traders are advised to look for signs of bearish reversal if prices reach the upper threshold of 20,326, while bullish reversals may be sought at key support clusters around 20,075 and 20,060.
Overall, the outlook for both the cryptocurrency and silver markets remains dynamic, with traders navigating through technical signals and broader economic developments. As the weekend approaches, all eyes will be on how these markets react to unfolding events, particularly in the context of U.S.-China trade discussions.
