PEPE Exchange Outflows Reach 2-Year High as Whale Holdings Grow
PEPE Records 4.54 Trillion Token Exchange Outflow – Largest Withdrawal Since November 2024 Amid Whale Accumulation
Key Takeaways
- 4.54 trillion PEPE tokens left exchanges in a single day, the largest net outflow since November 14, 2024.
- On-chain data provider Santiment reported the withdrawal as the biggest since the post-election meme coin rally.
- The top 100 PEPE addresses increased their holdings by 6.07% over 30 days to about 85.97 trillion tokens.
- Smart Money holdings rose 307% over the same period, according to Nansen.
- PEPE remains around 90% below its December 2024 record high despite modest short-term gains.
Largest Exchange Outflow Since November 2024
Pepe recorded its largest single-day net exchange outflow in nearly two years, with 4.54 trillion tokens withdrawn from trading platforms. According to on-chain analytics firm Santiment, the movement marked the biggest net exchange withdrawal since November 14, 2024.
Exchange outflows measure how many tokens leave centralized trading venues over a given period. When tokens move off exchanges, they are no longer immediately available for spot selling. Santiment noted that a reduced exchange balance can lower the amount of supply positioned for rapid liquidation.
The previous outflow of similar scale occurred during the post-election meme coin rally in late 2024. At that time, PEPE reached fresh highs as speculative demand intensified. The current withdrawal, however, comes during a period without comparable market momentum.
Whale Wallets Increase Holdings Over 30 Days
Wallet data indicates that large holders expanded their positions during the same period. According to Nansen, the top 100 PEPE addresses increased their holdings by 6.07% over the past 30 days. These wallets now collectively control approximately 85.97 trillion tokens.
Nansen also reported a 307% increase in holdings among addresses categorized as Smart Money over the same timeframe. Despite the percentage jump, this group holds about 108 billion tokens, a significantly smaller share compared to the top 100 addresses.
The data shows that token supply has shifted toward large wallets over the last month. Combined with the exchange withdrawals, this movement indicates that a portion of circulating tokens has moved away from trading platforms and into private wallets controlled by major holders.
Price Performance Remains Subdued
Despite the notable supply movements, PEPE has not experienced a comparable price surge. The token is currently trading roughly 90% below its December 2024 all-time high.
In recent performance data, PEPE posted a 3.4% gain over the past seven days and a 4.9% increase over 30 days. Over the last 24 hours, however, the token declined by 1.64%.
For the past two months, the meme coin has largely traded sideways without a major project catalyst. The current outflow and accumulation trend therefore differs from the late-2024 rally, when heightened speculation and strong demand coincided with rising prices.
Supply Dynamics and Market Structure
Exchange balances play a central role in short-term liquidity. Tokens held on centralized platforms can be sold quickly into the market, while tokens stored in private wallets typically require additional steps before being traded. A large net outflow therefore changes the immediate distribution of liquid supply.
Santiment highlighted that with fewer tokens sitting on exchanges, the volume available for rapid selling decreases. The firm did not report a corresponding surge in retail trading activity at this stage.
At the same time, concentration among top holders has increased. With the top 100 addresses controlling tens of trillions of tokens, ownership remains heavily weighted toward large wallets. The 307% increase in Smart Money holdings signals growing participation from a cohort identified by Nansen as historically active or strategically positioned traders, although their absolute holdings remain comparatively small.
Our Assessment
The withdrawal of 4.54 trillion PEPE tokens represents the largest single-day exchange outflow since November 2024. Data from Santiment and Nansen shows that the movement coincides with increased holdings among large wallets and Smart Money addresses over the past 30 days.
At the same time, PEPE continues to trade about 90% below its December 2024 peak and has moved largely sideways in recent months. The current market structure reflects reduced exchange supply alongside higher concentration among major holders, without a parallel surge in price or speculative trading activity.
