Two dormant whale wallets holding Pepe ($PEPE) have moved a combined 2.27 trillion tokens, worth about $10.19 million at the time of transfer, according to on-chain data shared by @lookonchai
Two dormant whale wallets holding Pepe ($PEPE) have moved a combined 2.27 trillion tokens, worth about $10.19 million at the time of transfer, according to on-chain data shared by @lookonchain. The activity was reported on October 28 and drew fresh attention to the Ethereum-based memecoin, which has also seen a sharp price rise over the past day.
Per U.Today, the first address had been inactive for a year and was previously used for deposits to Coinbase. It moved tokens worth $6.53 million. The second wallet ended a four-month period of inactivity with a $3.66 million transaction. Together, the two transfers total more than $10 million.
The reason for the movements is unclear. Analytics Insight noted that the reported information did not establish the destinations or reasons for the transfers. Moving tokens between wallets or to an exchange does not by itself confirm a sale, though any later selling could add supply to the market.
Wallet tracking by @arkham and similar analytics providers relies on address labelling and on-chain history, so interpretations of whale behaviour remain inferences rather than confirmed intent.
PEPE rose nearly 12% over 24 hours to about $0.0000048 on October 28, Blockonomi reported. The move followed an October 27 report from Arkham Intelligence that linked about $51.25 million in PEPE, or 2.82% of supply, to wallets associated with Tron founder Justin Sun. The same report noted that Arkham described Sun as the largest individual PEPE holder outside exchanges, based on its wallet attribution. The link relies on blockchain analytics, and Altcoin Buzz noted that Sun has not been cited as publicly confirming the position.
Separately, Blockonomi cited Onchain Lens as reporting a 366.97 billion PEPE deposit to Coinbase, worth about $1.64 million, which the tracker said could point to a sale.
For traders, the key question is whether the whale activity signals accumulation, distribution or simple wallet housekeeping. The data does not answer that. Concentrated holdings can amplify price swings in either direction, and memecoins such as PEPE carry high volatility. Nothing in the reported figures amounts to investment guidance, and readers should do their own research before buying or selling.
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