Justin Sun linked to $51.25 million PEPE accumulation

Blockchain analytics firm Arkham Intelligence has identified cryptocurrency wallets attributed to TRON founder Justin Sun that collectively hold approximately $51.25 million in PEPE. This position represents roughly 2.82% to 3% of the memecoin’s total supply, potentially making Sun the largest individual holder outside of centralized exchanges.

The accumulation occurred rapidly over a ten-day period, primarily through two large withdrawals from the Poloniex exchange on October 17 and October 26. These transfers, valued at approximately $28.44 million and $20.32 million respectively, moved a total of 11.85 trillion PEPE tokens into the attributed wallets.

Following reports of these large-scale movements, the price of PEPE saw significant volatility and upward momentum, gaining nearly 12% in a 24-hour period. While large transfers from exchanges to private wallets are often interpreted as a sign of long-term holding, analysts note that such movements can also be for custody or liquidity management purposes.