$PEPE rallied roughly 15% over 24 hours after reports that wallets linked to Justin Sun hold a position worth about $51.25 million, built through withdrawals from Poloniex. The position is de
$PEPE rallied roughly 15% over 24 hours after reports that wallets linked to Justin Sun hold a position worth about $51.25 million, built through withdrawals from Poloniex. The position is described as the largest held by any individual outside exchanges, and it has lifted sentiment in the frog-themed memecoin.
The findings come from blockchain analytics firm Arkham Intelligence. According to crypto.news, Arkham identified wallets linked to the Tron founder as holding about $51.25 million of PEPE, equal to 2.82% of total supply. Two Poloniex withdrawals on October 17 and October 26 moved a combined $48.76 million worth of the token into the wallets, the report said.
Cryptonews reported that the first transfer was about 7.2 trillion PEPE worth $28.44 million, followed by 4.65 trillion tokens worth $20.32 million. Before the first transfer, the attributed holdings were worth around $267,000.
Arkham also traced part of the token flow. The tokens were first bought on Binance, then moved through Poloniex and HTX before reaching the wallets, Crypto Briefing reported. That report also noted that Sun-linked wallets sent a parallel $77 million in stablecoins to Poloniex, though the on-chain record shows transfers, not confirmed purchases.
Poloniex is an exchange associated with Sun, so some of the movements may be internal transfers rather than open-market purchases. Arkham estimates that Sun holds stakes in both Poloniex and HTX, according to Crypto News Flash. That makes it harder to read the data as pure spot buying.
Attribution is another caveat. Sun has not officially confirmed the position, and the wallets are tracked by Arkham using algorithmic predictions rather than absolute verification, CryptoNewsZ noted. One address in the tally, 0x721, has an uncertain connection to Sun, TokenPost reported.
On price, crypto.news reported that PEPE rose nearly 12% over 24 hours to about $0.0000048 on October 28, with traders watching the $0.000005 level. The size of the move varies by data source and time window. For now, the market appears to be reacting mainly to the headline, and the true nature of the flows remains unclear.
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