In a recent post on X, Arkham Intelligence noted that Justin Sun has a massive amount of PEPE in his official and predicted wallets, amounting to almost 3% of the total supply (worth $51.25 million). What’s more, this came into his wallets in the last 10 days, making him the biggest individual holder of PEPE.
Moreover, Arkham noted the accumulation occurred after two large withdrawals of $48.76 million worth of PEPE from Poloniex on the 17th and 26th of October. The tokens passed through exchanges Binance, Poloniex, and HTX before arriving into Justin Sun’s wallets.
In terms of price action, Pepe [PEPE] has had a strong rally of over +15%, with an initial gain of +6.7% before surging +11.5% this week. With $0.000005 as a key resistance level, Justin Sun’s accumulation could create further momentum if buyers continue to push for a break here.
According to AMBCrypto, this is exactly where a key divergence begins to matter.
PEPE’s whale activity hints at a shift beyond leveraged trading
Justin Sun’s PEPE holdings have been drawing attention over the past few weeks.
However, Arkham Intelligence’s latest findings add a new dimension to the narrative. Presently, PEPE has a market cap of $1.81 billion, with exchange-linked wallets dominating the top-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, outside these exchange wallets, Sun’s combined 2.82% stake makes him the largest individual holder.
The key takeaway? Justin Sun’s $51 million PEPE holdings are now nearing Gate.io’s $54 million in PEPE perp open interest. With him holding 2.82% of the token supply, he now has almost the same amount of spot position as leveraged positions on one of the biggest derivatives exchanges.
This is where a key divergence starts to emerge.
Justin Sun’s $51 million PEPE holdings are closing in on Gate.io’s $54 million in perp OI, reducing the gap between whale Spot exposure and leveraging. With PEPE over 15% during the same period, this could indicate that Spot demand is playing a larger role in helping drive the rally.
In this setup, the $0.000005 level becomes an important resistance to monitor, as increasing spot demand could give PEPE the momentum it needs to break out.
Final Summary
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Justin Sun holds $51 million in PEPE, nearly matching Gate.io’s $54 million in perp OI.
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With PEPE up over 15%, rising buying pressure could help push the price above $0.000005.
