Justin Sun has emerged as the largest individual holder of PEPE, with his official and predicted wallets now containing 2.82% of the token's total supply, according to a post on X by Arkham Intelligence. The holdings are valued at $51.25 million and were accumulated over the last 10 days.
Accumulation Details
Arkham noted that the accumulation followed two large withdrawals of PEPE worth $48.76 million from Poloniex on October 17 and October 26. The tokens passed through exchanges Binance, Poloniex, and HTX before arriving in Sun's wallets.
Exchange Wallets Dominate Top Holders
PEPE currently has a market cap of $1.81 billion, with exchange-linked wallets dominating the top-holder rankings. Binance leads with $337.5 million (18.7% of supply), followed by Robinhood with $150.9 million (8.37%), Coinbase with $90.75 million (5.03%), and OKX with $74.86 million (4.15%). Outside these exchange wallets, Sun's combined 2.82% stake makes him the largest individual holder.
Spot Exposure Nears Perpetual Open Interest
Sun's $51 million PEPE holdings are now nearing Gate.io's $54 million in PEPE perpetual open interest. With him holding 2.82% of the token supply, his spot position is almost equal to the leveraged positions on one of the biggest derivatives exchanges. This narrowing gap between whale spot exposure and leveraging could indicate that spot demand is playing a larger role in driving the rally.
Price Action and Key Level
PEPE has rallied over 15%, with an initial gain of 6.7% before surging 11.5% this week. The $0.000005 level is a key resistance to monitor; increasing spot demand could provide the momentum needed for a breakout if buyers continue to push.
