Justin Sun Emerges as PEPE’s Largest Individual Holder

The accumulation occurred primarily over a ten-day period in October, fueled by two massive withdrawals from the Poloniex exchange. On October 17, Sun moved 7.2 trillion tokens worth $28.44 million into his wallets, followed by another 4.65 trillion tokens valued at $20.32 million on October 26. Before these transactions, his PEPE holdings were negligible, totaling roughly $267,000.

Arkham’s investigation traced the flow of funds from Binance through Poloniex and HTX before the tokens settled in addresses linked to Sun. While the firm noted $77 million in stablecoin transfers from Sun-associated wallets to Poloniex during this same window, it stopped short of confirming these specific funds were used to purchase the PEPE. The concentration of such a significant portion of the supply in a single individual's hands introduces potential volatility, as any future liquidation could exert substantial downward pressure on the market price of the memecoin.