PEPE price rose nearly 12% to around USD 0.0000048 on October 28 amid reports about Justin Sun-linked holdings, exchange withdrawals and growing futures activity. According to crypto.news market data, the meme coin moved between USD 0.0000043 and USD 0.0000050 over 24 hours.
Daily volume approached USD 476 million, while its market value exceeded USD 2 billion. PEPE also gained about 15% over the past month. Despite that advance, it remained below its December 2024 record of USD 0.000028.
Arkham Intelligence identified substantial PEPE holdings across wallets it associates with Justin Sun on October 27. The analytics firm attributed about USD 51.25 million in tokens to those addresses, equivalent to 2.82% of PEPE's supply. Arkham described Sun as the largest individual holder outside exchanges based on its wallet analysis.
According to the figures reported by crypto.news, the addresses received 11.85 trillion PEPE through two large withdrawals from Poloniex. Those transfers occurred on October 17 and October 26, with a combined value near USD 48.76 million at the time. Their reported value later reached roughly USD 51.25 million.
The concentrated holdings have drawn attention to possible future transfers. Moving coins to an exchange does not establish a sale, although any subsequent selling could add supply to the market. The wallet attribution also depends on Arkham's identification of known and suspected Sun-linked addresses.
Separately, Onchain Lens reported that a whale sent 366.97 billion PEPE, worth about USD 1.64 million, to Coinbase. The tracker suggested the deposit could precede a sale, but the transfer alone did not confirm one.
Lookonchain also reported that two previously dormant whales moved 2.27 trillion PEPE, worth approximately USD 10.19 million, on October 28. The reported information did not establish the destinations or reasons for the transfers.
Earlier exchange data offered another view of large-holder behavior. Santiment reported that the exchange-held PEPE supply dropped by 4.77 trillion tokens on October 16. The firm described the drop as the largest one-day decline in the period starting October 2.
The same session saw 15 transfers worth more than USD 1 million each and around USD 20 million in net exchange outflows. Santiment put those outflows at roughly eight times the October 11–15 average. PEPE then advanced about 13% between its October 17 and October 22 closing prices.
Yet the withdrawals did not continue without interruption. Exchange balances recovered by 2.11 trillion tokens between October 19 and October 22, reversing more than 40% of the earlier decline. The rebound showed that some tokens had returned to exchanges.
At press time, CoinGlass recorded USD 1.39 million in net spot outflows. Such withdrawals may reflect accumulation or routine transfers to private wallets. Still, balance changes alone cannot reveal holders' intentions or confirm sustained buying demand.
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Derivatives activity expanded alongside the price recovery. CoinGlass reported a 72.67% rise in futures volume to USD 587.89 million. Meanwhile, open interest increased 7.10% to USD 316.14 million, indicating more outstanding futures exposure.
Does this activity confirm that PEPE buyers can sustain the rebound? Futures volume measures activity rather than direction, while open interest includes both bullish and bearish contracts. Funding rates, long-short ratios and liquidation data would offer additional evidence about the direction and strength of leveraged positions.
The rally also followed an October technical assessment that placed resistance near USD 0.00000469. PEPE traded around USD 0.0000048 in the latest market snapshot, although the supplied figures do not confirm a sustained breakout.
Separately, Canary Capital filed an amended registration statement for a proposed PEPE exchange-traded fund. The filing concerns a proposed product, not an operating fund, and does not demonstrate any completed ETF inflows. The registration process remains incomplete.
PEPE gained nearly 12% as reports linked Justin Sun to substantial holdings and whale transfers continued. Exchange data showed withdrawals followed by partial reversals, while futures volume and open interest rose. The available figures do not confirm a lasting breakout, sustained accumulation or completed ETF inflows.