PEPE, Largest Outflow Since November 2024...Whale Accumulation Explodes

▲ PEPE/AI Generated Image

4.54 trillion PEPE exited exchanges, marking the largest outflow since November 2024.

According to crypto media outlet BeInCrypto on August 6 (local time), on-chain analytics firm Santiment reported that the net outflow of PEPE from exchanges in a single day reached 4.54 trillion PEPE. This is the largest volume since November 14, 2024. Analysis suggests that as the amount of PEPE immediately available for sale on exchanges decreases, the risk of a sudden sell-off also lowers.

A similar scale of outflow was observed during the memecoin rally after the 2024 U.S. presidential election. At that time, PEPE hit a new all-time high as speculative demand peaked. This time, the market sentiment is different. PEPE has been consolidating for about two months without any clear business catalysts, and investor FOMO (fear of missing out) has not been significant. Santiment explained, “If memecoins leave exchanges in a quiet market, it can be interpreted as a signal that the supply is moving to long-term holders before interest returns.”

Accumulation by large wallets also continued. According to Nansen data, the top 100 PEPE-holding wallets increased their holdings by 6.07% over the past 30 days. The amount they hold is 85.97 trillion PEPE. The holdings of professional investor wallets also surged by 307% during the same period. However, the total holdings of this group of wallets are approximately 108 billion PEPE, which is smaller than the top 100 wallets.

PEPE has risen 3.4% in the last week and 4.9% in the last 30 days. In contrast, it has fallen 1.64% in the last 24 hours. Compared to its all-time high recorded in December 2024, it is about 90% lower. Despite reduced exchange supply and large wallet accumulation, the price increase has been limited.

Whether the accumulation trend will lead to a sustained rally depends on overall memecoin demand. Currently, holders are moving their supply off exchanges amidst low speculative interest. Exchange outflows and increased holdings by large wallets indicate that PEPE supply is shifting to wallets with a long-term holding tendency.

[Article Key Summary]

-PEPE recorded its largest net outflow since November 2024, with 4.54 trillion PEPE exiting exchanges in a single day.

-The top 100 wallets by holdings increased their holdings by 6.07% over the past 30 days, acquiring a total of 85.97 trillion PEPE.

-While reduced exchange supply and whale accumulation continue, whether a sustained rally occurs depends on overall memecoin demand.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*