Pepe (PEPE) recorded its largest single-day exchange outflow since November 2024, with 4.54 trillion tokens leaving trading platforms, signaling that holders are moving supply away from immediate selling.
The withdrawal coincides with steady buying from large wallets. It also arrives while the meme coin trades roughly 90% below its December 2024 record high.
PEPE Supply Leaves Exchanges
On-chain analytics firm Santiment reported the 4.54 trillion token outflow. It marked the biggest net exchange withdrawal since November 14, 2024.
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The firm explained that with less supply sitting on exchanges, fewer tokens are ready for fast sales. That reduces the risk of an abrupt selloff.
The previous comparable outflow occurred during the post-election meme coin rally. Back then, PEPE climbed to fresh highs as speculative demand peaked.
However, this withdrawal comes without a similar frenzy. PEPE has drifted sideways for two months with no major project catalyst.
“When a relatively quiet memecoin leaves exchanges while traders aren’t loudly chasing it, bullish holders can argue that supply is moving toward stronger hands before attention returns,” the post added.
Whales Accumulate as PEPE Price Holds
The holder data support the case. Data from Nansen shows the top 100 PEPE addresses grew their holdings 6.07% over 30 days. They now control about 85.97 trillion tokens.
Nansen also flagged a 307% jump in Smart Money holdings over the same period, though that cohort holds about 108 billion tokens, a fraction of the Top 100 total. The accumulation suggests supply is shifting toward longer-term holders.
The accumulation signals arrive as PEPE posts modest gains over the past month. The meme coin rose 3.4% over the week and 4.9% across 30 days. However, it slipped 1.64% in the past 24 hours.
Whether accumulation converts into a sustained move depends on broader meme coin demand. For now, holders appear to be building positions while speculative interest stays quiet.
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