defi ·
PEPE price rises 12% on Oct 28 amid Justin Sun-linked wallet holdings
The PEPE token has increased in price by nearly 12% over the last 24 hours, reaching approximately $0.0000048 on October 28.
This price surge is being observed amid increased derivatives activity and exchange withdrawals, while traders are monitoring resistance at $0.000005.
Market data from crypto.news shows the meme coin trading between $0.0000043 and $0.0000050 during the past day, with a trading volume near $476 million and a market capitalization exceeding $2 billion.
A significant factor driving attention is the report that wallets associated with Tron founder Justin Sun hold roughly $51.25 million in PEPE, which constitutes 2.82% of the total supply.
Blockchain analytics firm Arkham Intelligence identified this substantial position across known and suspected Sun-linked wallets on October 27. Furthermore, crypto.news noted that these addresses received 11.85 trillion PEPE via two large withdrawals from Poloniex on October 17 and October 26, totaling approximately $48.76 million when recorded.
On October 28, Onchain Lens tracked another large deposit, showing a whale moved 366.97 billion PEPE, valued near $1.64 million, into Coinbase, which the tracker suggested might lead to a sale. Separately, Lookonchain reported two previously inactive PEPE whales transferring a combined 2.27 trillion tokens, worth roughly $10.19 million, on October 28.
Analysis of on-chain flows leading up to the rally revealed substantial movement away from centralized exchanges. Santiment reported that on October 16, the exchange-held PEPE supply decreased by 4.77 trillion tokens, marking its largest one-day drop since at least October 2.
Derivatives trading has intensified alongside the spot-market recovery. CoinGlass data indicated that futures volume rose 72.67% to $587.89 million, while open interest climbed 7.10% to $316.14 million.
These developments reflect a broader trend where institutional and market participants are closely monitoring the concentration of tokens in specific addresses and the associated flows between private and centralized custodians.
Technical indicators suggest positive momentum, with the relative strength index at 61.37, positioned above its 54.41 moving average. Crypto analyst Crypto With Gopal pointed to a potential double-bottom formation, with buyers defending support near $0.0000042.
The increased engagement in derivatives markets, evidenced by rising volume and open interest, suggests growing leveraged positioning among market participants, though the direction of this exposure requires further data confirmation.
Why it matters
The concentration of PEPE tokens in a few large wallets, such as those linked to Justin Sun, introduces potential selling pressure risks. The increasing derivatives activity suggests heightened speculative interest in the token's short-term trajectory. Readers should watch for sustained breakouts past resistance levels to confirm bullish momentum.
