PEPE gains 12% in a week as Justin Sun-linked wallets hold $51M
PEPE climbed about 12% over seven days to above $2.1 billion in market cap after Arkham linked $51.25 million of the memecoin to wallets tied to Justin Sun.
MEMECOINSNEWS
Daniel Hartley
10/29/20261 min read
PEPE extended its rally on Oct. 29, trading near $0.0000055 with a market capitalization of about $2.13 billion, up 6.1% over 24 hours and roughly 12% over the week, according to Coin Edition. Daily trading volume reached about $818 million. A day earlier the frog-themed memecoin had jumped nearly 12%, crypto.news reported.
The move followed on-chain data from Arkham Intelligence linking about $51.25 million worth of PEPE, or 2.82% of supply, to known and suspected wallets of TRON founder Justin Sun as of Oct. 27. The wallets received 11.85 trillion PEPE through two withdrawals from Poloniex on Oct. 17 and Oct. 26, worth roughly $48.76 million at the time. Arkham described Sun as the largest individual PEPE holder outside exchanges, based on its own wallet attribution. Sun has not commented publicly on the holdings in the reports reviewed.
Whales move in both directions
Other large holders were active too. Onchain Lens flagged a deposit of 366.97 billion PEPE, about $1.64 million, to Coinbase, which the tracker said was likely headed for sale. Lookonchain reported that two long-dormant whales moved a combined 2.27 trillion tokens, worth about $10.19 million, on Oct. 28, with no clear destination.
Derivatives traders added exposure. Open interest in PEPE futures reached about $400 million on Oct. 29, according to Coinglass data cited by Coin Edition, compared with roughly $150 million to $250 million for much of October. It remains far below the peak above $1 billion seen in July. Coinglass also showed modest net outflows from exchanges.
Despite the gains, PEPE remains well below its December 2024 record of $0.000028. Canary Capital amended its registration statement for a proposed spot PEPE ETF earlier this month, though the fund has not been approved. The rally stood out in a week when the broader market was absorbing the roughly $6.3 billion Binance hack.
Source: Coin Edition, crypto.news, Arkham Intelligence, Lookonchain, Coinglass