$PEPE Midday market: Selling pressure arrived, but the price held firm—that’s the most noteworthy part
Meme tokens remained the hottest sector in the morning session. Binance data shows PEPE rose about 6% over 24 hours, with trading volume exceeding $109 million. It gained ground against a mostly flat broader market, after rising nearly 12% in a single day yesterday.
Why the rally? This time, it wasn’t just empty hype—there was on-chain activity behind it. On October 28, two large wallets that had been dormant for months, and in one case nearly a year, transferred a combined 2.27 trillion PEPE, worth about $10.19 million. One of the wallets had previously deposited funds to Coinbase. Ordinarily, that would be a classic warning sign of selling pressure. But the market didn’t follow the script: 84% of the 12-hour trading volume came in the last six hours, and buyers quickly absorbed the additional supply, pushing the price higher.
Another clue lies in the concentration of holdings. According to Arkham data, wallets linked to Justin Sun hold a combined roughly $51.25 million in PEPE, or about 2.82% of the supply. They also withdrew 1.185 trillion PEPE from Poloniex on October 17 and 26. Withdrawing tokens from an exchange doesn’t in itself amount to a bullish commitment, but it does reduce the amount of tokens immediately available for sale.
A comparison worth watching is PEPE’s race to catch up with SHIB in market capitalization: PEPE briefly gained more than 10% intraday, narrowing the gap between their market caps to about $1.06 billion. Meme-sector rotations can come and go quickly. Strong buying support today doesn’t mean selling pressure has disappeared; the next moves by those two large wallets remain a key variable.
Risk warning: Meme coins are highly volatile, and PEPE is still about 80% below its all-time high from December 2024. Before buying into a rally, consider how much of a drawdown you can tolerate.
Not investment advice; for market records only.
#PEPE
Meme tokens remained the hottest sector in the morning session. Binance data shows PEPE rose about 6% over 24 hours, with trading volume exceeding $109 million. It gained ground against a mostly flat broader market, after rising nearly 12% in a single day yesterday.
Why the rally? This time, it wasn’t just empty hype—there was on-chain activity behind it. On October 28, two large wallets that had been dormant for months, and in one case nearly a year, transferred a combined 2.27 trillion PEPE, worth about $10.19 million. One of the wallets had previously deposited funds to Coinbase. Ordinarily, that would be a classic warning sign of selling pressure. But the market didn’t follow the script: 84% of the 12-hour trading volume came in the last six hours, and buyers quickly absorbed the additional supply, pushing the price higher.
Another clue lies in the concentration of holdings. According to Arkham data, wallets linked to Justin Sun hold a combined roughly $51.25 million in PEPE, or about 2.82% of the supply. They also withdrew 1.185 trillion PEPE from Poloniex on October 17 and 26. Withdrawing tokens from an exchange doesn’t in itself amount to a bullish commitment, but it does reduce the amount of tokens immediately available for sale.
A comparison worth watching is PEPE’s race to catch up with SHIB in market capitalization: PEPE briefly gained more than 10% intraday, narrowing the gap between their market caps to about $1.06 billion. Meme-sector rotations can come and go quickly. Strong buying support today doesn’t mean selling pressure has disappeared; the next moves by those two large wallets remain a key variable.
Risk warning: Meme coins are highly volatile, and PEPE is still about 80% below its all-time high from December 2024. Before buying into a rally, consider how much of a drawdown you can tolerate.
Not investment advice; for market records only.
#PEPE
