Journalist
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Key Takeaways
Pepe metrics showed Taker Buy dominance in the spot market, and its price action signaled a bullish structure and continued gains after the breakout from the falling wedge pattern.
Data from Nansen showed that whales were buying Pepe [PEPE].
In a post on X (formerly Twitter), Onchain Lens observed that two whales spent just over $3.5 million to purchase 303.19 billion PEPE.
While the whale buying activity was exciting news for long-term investors, data showed that whale transactions were relatively quiet compared to November-December 2024, or even May 2025.
Back then, PEPE saw swift price rallies and increased participation from both retail and whales.
The spot taker CVD metric on CryptoQuant showed that the market buy volume over the past 3 months was dominating over the past week.
This was a positive sign, reminiscent of April-May 2025, before PEPE rallied 146% in under two months.
Interestingly, the Taker Buy dominant phase was much shorter toward the end of 2024, even though the price rallied higher. This could be due to the role of derivatives in driving Pepe prices higher.
How high can the current Pepe rally go?
Source: PEPE/USDT on TradingView
Since the 5th of September, PEPE has rallied 27%. These gains accelerated on the 10th of September, following the breakout from a descending wedge pattern (yellow). Such a breakout will likely reach the wedge’s highest point.
This would be the swing high at $0.00001266, making it a good take-profit target for traders already in long positions.
The MFI showed strong upward momentum and buying pressure, but did not indicate the market was overextended on the daily timeframe.
The Pepe market structure has been bullish since May. Despite the retracement toward $0.00001 in August, the overarching structure was bullish. The $0.00001266 represented a minor resistance level, with the $0.00001475 being the more pivotal level.
Rising trading volume and converting $0.00001266 from resistance to support would be a strong sign of bullish strength.
Whale buying and taker buy dominance in the spot market reinforces the bullish outlook.
