PEPE recorded its largest single-day exchange outflow since November 2024, with 4.54 trillion tokens leaving trading platforms, according to on-chain analytics firm Santiment. The withdrawal is the biggest net exchange exodus since Nov. 14, 2024, and it comes as large wallets steadily buy the meme coin, which trades roughly 90% below its December 2024 record high.
Why the outflow matters
Less supply on exchanges reduces the risk of an abrupt selloff. When tokens move off trading platforms into private wallets, holders are less likely to dump them quickly. The previous comparable outflow occurred during the post-election meme coin rally, when PEPE reached fresh highs. This time, the move is happening during a prolonged slump — the token has traded sideways for two months with no major project catalyst.
Who is buying
The top 100 PEPE addresses grew their holdings by 6.07% over 30 days and now control about 85.97 trillion tokens. That's a significant chunk of the circulating supply. Meanwhile, wallets tagged as Smart Money — a smaller, more active cohort — saw their holdings jump 307% over the same period. But that group holds only about 108 billion tokens, a fraction of the top 100 total. The accumulation is broad but concentrated among the biggest players.
Price action
PEPE rose 3.4% over the past week and 4.9% over the past 30 days, but slipped 1.64% in the last 24 hours. The modest gains come despite the heavy outflow and whale buying, suggesting the market hasn't fully priced in the supply shift. The token remains far from its December peak, and the lack of a clear catalyst keeps many traders on the sidelines.
Whether the accumulation converts into a sustained move depends on broader meme coin demand. Without a project-specific catalyst, PEPE's price direction is tied to the whims of the wider crypto market and retail interest in speculative tokens. For now, the outflow signals that some large holders are betting on a rebound — but the token's sideways grind shows that conviction isn't universal.
