The price of PEPE climbed nearly 12% to approximately USD 0.0000048 on October 28, driven by reports concerning holdings tied to Justin Sun, outflows from exchanges, and heightened futures activity. Market data from crypto.news showed that the meme coin traded within a range of USD 0.0000043 and USD 0.0000050 over a 24-hour window.
Daily trading volume neared USD 476 million, and the token’s market capitalization surpassed USD 2 billion. Over the preceding month, PEPE also registered a gain of about 15%. Even with this upward movement, it stayed beneath its peak of USD 0.000028 recorded in December 2024.
Justin Sun-Linked Wallets Hold 2.82% of PEPE Supply
On October 27, Arkham Intelligence highlighted significant PEPE balances across addresses it links to Justin Sun. The analytics provider valued these tokens at roughly USD 51.25 million, which represents 2.82% of the total PEPE supply. Based on its wallet examination, Arkham identified Sun as the foremost individual holder outside of exchanges.
As outlined in figures from crypto.news, these addresses took in 11.85 trillion PEPE via two major transactions originating from Poloniex. These moves took place on October 17 and October 26, carrying a combined valuation close to USD 48.76 million initially, before climbing to an estimated USD 51.25 million later.
This concentration of tokens has drawn focus toward potential future transfers. While moving coins to an exchange does not in itself constitute a sale, any subsequent liquidation could introduce additional supply to the marketplace. Furthermore, associating these wallets relies on Arkham’s identification methods for known and suspected addresses tied to Sun.
In a separate update, Onchain Lens reported that a whale transferred 366.97 billion PEPE—valued at around USD 1.64 million—to Coinbase. The tracking entity noted that this deposit could precede a sale, though the movement by itself did not verify one.
Lookonchain also reported that a pair of previously inactive whales shifted 2.27 trillion PEPE, worth roughly USD 10.19 million, on October 28. The shared details did not specify the end destinations or the motives behind these transactions.
PEPE Exchange Withdrawals Point to Mixed Holder Activity
Earlier metrics from exchanges presented a different perspective on the behavior of large investors. Santiment reported that the volume of PEPE stored on exchanges decreased by 4.77 tokens on October 16, marking the largest single-day drop since the period began on October 2.
During that same trading session, there were 15 transfers exceeding USD 1 million each alongside net exchange outflows of roughly USD 20 million. Santiment calculated those outflows at approximately eight times the average seen between October 11 and October 15. Following this, PEPE advanced around 13% comparing its closing prices from October 17 and October 22.
Nonetheless, these withdrawals did not persist without interruption. Exchange reserves recovered by 2.11 trillion tokens from October 19 to October 22, erasing more than 40% of the prior reduction. This rebound indicated that a portion of the tokens had made their way back to exchanges.
At the time of publication, CoinGlass tracked USD 1.39 million in net spot outflows. Such withdrawals can signify accumulation or standard movements to private storage. Nevertheless, shifts in balances alone fail to clarify the intentions of holders or validate continuous buying interest.
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Futures Volume Climbs as PEPE Tests Recent Price Levels
Derivatives trading expanded in tandem with the price recovery. CoinGlass documented a 72.67% increase in futures volume, reaching USD 587.89 million. Concurrently, open interest grew by 7.10% to USD 316.14 million, pointing to an expansion in active futures exposure.
Does this activity confirm that PEPE buyers can sustain the rebound? Futures volume reflects market participation rather than a specific direction, and open interest encompasses both long and short contracts. Evaluating funding rates, long-short ratios, and liquidation metrics would provide further clarity regarding the trajectory and robustness of leveraged positions.
The upward move also followed a technical evaluation in October that positioned overhead resistance close to USD 0.00000469. PEPE changed hands around USD 0.0000048 in the most recent market overview, although the available data does not confirm a confirmed, lasting breakout.
Additionally, Canary Capital submitted an amended registration statement regarding a proposed PEPE exchange-traded fund. The paperwork pertains to a planned investment product rather than an active fund, and it does not signify any finalized ETF capital inflows. The regulatory approval procedure remains unfinished.
Conclusion
PEPE rose nearly 12% amid news linking Justin Sun to substantial holdings alongside ongoing whale transfers. Exchange metrics highlighted withdrawals followed by partial recovery phases, while futures volume and open interest both increased. The provided data does not verify a permanent breakout, continuous accumulation, or finalized ETF inflows.
