In a current put up on X, Arkham Intelligence famous that Justin Sun has a large quantity of PEPE in his official and predicted wallets, amounting to virtually 3% of the overall supply (value $51.25 million). What’s extra, this got here into his wallets within the final 10 days, making him the biggest individual holder of PEPE.
Moreover, Arkham famous the buildup occurred after two giant withdrawals of $48.76 million value of PEPE from Poloniex on the seventeenth and twenty sixth of October. The tokens handed by exchanges Binance, Poloniex, and HTX earlier than arriving into Justin Sun’s wallets.
In phrases of value motion, Pepe [PEPE] has had a powerful rally of over +15%, with an preliminary acquire of +6.7% earlier than surging +11.5% this week. With $0.000005 as a key resistance degree, Justin Sun’s accumulation might create additional momentum if consumers proceed to push for a break right here.
According to AMBCrypto, that is precisely the place a key divergence begins to matter.
PEPE’s whale exercise hints at a shift past leveraged buying and selling
Justin Sun’s PEPE holdings have been drawing attention over the previous few weeks.
However, Arkham Intelligence’s newest findings add a brand new dimension to the narrative. Presently, PEPE has a market cap of $1.81 billion, with trade-linked wallets dominating the highest-holder rankings, led by Binance at $337.5 million (18.7% of supply).
Robinhood holds $150.9 million (8.37%), Coinbase at $90.75 million (5.03%), and OKX holds $74.86 million (4.15%). So, exterior these trade wallets, Sun’s mixed 2.82% stake makes him the most important individual holder.
The key takeaway? Justin Sun’s $51 million PEPE holdings are now nearing Gate.io’s $54 million in PEPE perp open curiosity. With him holding 2.82% of the token supply, he now has virtually the identical quantity of spot place as leveraged positions on one of the biggest derivatives exchanges.
This is the place a key divergence begins to emerge.
Justin Sun’s $51 million PEPE holdings are closing in on Gate.io’s $54 million in perp OI, lowering the hole between whale Spot publicity and leveraging. With PEPE over 15% throughout the identical interval, this might point out that Spot demand is taking part in a bigger function in serving to drive the rally.
In this setup, the $0.000005 degree turns into an necessary resistance to observe, as growing spot demand might give PEPE the momentum it wants to interrupt out.
Final Summary
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Justin Sun holds $51 million in PEPE, almost matching Gate.io’s $54 million in perp OI.
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With PEPE up over 15%, rising shopping for stress might assist push the worth above $0.000005.
