TLDR
- The meme token advanced approximately 12% within a 24-hour period, reaching roughly $0.0000048 on October 28.
- Blockchain analytics platform Arkham identified approximately $51.25 million worth of PEPE, representing 2.82% of total supply, in wallets associated with Justin Sun.
- On October 16, Santiment tracked 4.77 trillion PEPE tokens exiting centralized exchanges, although a portion subsequently flowed back.
- Derivatives market activity intensified with futures volume climbing 72.67% to $587.89 million and open interest increasing 7.10% to $316.14 million.
- The token confronts immediate resistance at the $0.0000050 threshold, with subsequent barriers at $0.0000055 and $0.0000060.
The popular meme cryptocurrency PEPE experienced a significant rally of nearly 12% during the 24-hour trading period ending October 28, climbing to approximately $0.0000048. This upward movement followed emerging reports connecting substantial token holdings to Justin Sun, the prominent founder of the Tron blockchain.
Throughout the trading session, the asset fluctuated within a range spanning $0.0000043 to $0.0000050. Market participants generated roughly $476 million in trading volume, while the token’s overall market valuation remained comfortably above the $2 billion threshold.
Over the preceding 30-day period, PEPE has registered cumulative gains of approximately 15%. Despite this recent momentum, the token continues trading substantially below its all-time peak of $0.000028 established in December 2024.
Tron Founder Emerges as Dominant Individual PEPE Stakeholder
On October 27, blockchain intelligence provider Arkham Intelligence disclosed the identification of PEPE holdings valued at approximately $51.25 million distributed across multiple wallet addresses connected to Sun. These wallets collectively control roughly 2.82% of the token’s circulating supply.
The designated addresses acquired 11.85 trillion PEPE tokens through a pair of withdrawal transactions from the Poloniex exchange platform, executed on October 17 and October 26. At the moment of transfer, these holdings carried a combined value of approximately $48.76 million.
Arkham’s analysis characterized Sun as the most significant individual PEPE holder excluding centralized exchange platforms.
Additional whale participants executed notable token movements on October 28. Blockchain monitoring service Onchain Lens documented a deposit of 366.97 billion PEPE tokens to Coinbase, representing approximately $1.64 million in value, suggesting potential liquidation activity.
Meanwhile, Lookonchain disclosed that two previously inactive whale addresses transferred a combined total of 2.27 trillion PEPE tokens valued at roughly $10.19 million. The ultimate destination and intended purpose of these substantial movements remain undisclosed.
Platform Withdrawals and Derivatives Market Momentum
Data provider Santiment documented a substantial decline of 4.77 trillion PEPE tokens held across centralized exchange platforms on October 16. This represented the most significant single-day reduction observed since at least the beginning of October.
The trading session featured 15 individual transactions exceeding $1 million in value and generated approximately $20 million in aggregate net outflows. Following this withdrawal activity, PEPE registered cumulative gains of roughly 13% between its October 17 and October 22 closing valuations.
A portion of these withdrawn tokens subsequently returned to exchanges. During the October 19-22 period, exchange-held supply increased by 2.11 trillion tokens, effectively reversing more than 40% of the earlier outflow.
CoinGlass analytics indicated net spot outflows of $1.39 million at the time of reporting. Futures market volume surged 72.67% to reach $587.89 million, while open interest expanded 7.10% to $316.14 million.
Additionally, Canary Capital has submitted an amended registration filing for a proposed PEPE exchange-traded fund product. This investment vehicle remains under consideration and has not yet commenced operations.
Technical indicators on the daily timeframe show the relative strength index positioned at 61.37, remaining below the overbought threshold of 70. The MACD indicator line maintains position above its signal line, reflecting sustained positive momentum.
Market analyst Crypto With Gopal identified a potential double-bottom formation, noting strong buyer support defending the $0.0000042 level. Trader Symba highlighted resistance near $0.00000453, establishing price targets at $0.00000470 and $0.0000050.
PEPE currently confronts immediate resistance at the $0.0000050 level. A sustained daily closing price above this threshold would bring $0.0000055 and $0.0000060 into consideration as subsequent targets, whereas a failure to break through could direct price action toward $0.0000045 and potentially $0.0000040.
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