Wallets Attributed to Justin Sun Hold 2.82% of PEPE Supply, Worth $51.25 Million

Key Facts

Arkham estimated that wallets linked to Justin Sun hold the equivalent of 2.82% of PEPE’s total supply, worth about $51.25 million, according to a Crypto.news report published on October 27. The estimate puts Sun at the top of the token’s individual holders, the company said. The picture is based on two withdrawals from Poloniex to a wallet linked to him, tracked during October. The estimated value of the tokens does not mean Sun paid that amount to buy them. The report provides no evidence of the purchase price or the source of the funds that brought the tokens into the wallet.

The tracked movements began on October 17, when about 7.2 trillion PEPE tokens were transferred from Poloniex to a wallet linked to Sun, according to Arkham estimates cited by the report. The company valued that amount at about $28.44 million at the time of the transfer. On October 26, at 15:54 GMT, another 4.65 trillion tokens were withdrawn from the same platform. The second withdrawal was valued at $20.32 million at the time of the transfer. The two transactions show tokens moving to the wallet, but on their own do not prove that its owner bought them or establish when they were purchased.

The estimated holding now differs from the balance Arkham attributed to Sun before the first movement. Before October 17, his estimated holdings were about 68 billion PEPE, worth roughly $267,000, according to the report. After the two withdrawals, Arkham estimated that wallets linked to him represented 2.82% of the supply. It valued that holding at about $51.25 million on October 27. The percentage is based on the company’s attribution of the wallets to Sun, not on an acknowledgment from him that he owns the tokens.

Separately from the PEPE withdrawals, Arkham tracked $77 million in stablecoin transfers from wallets attributed to Sun to Poloniex between October 15 and October 25. The transfers included three batches of USDT, each worth $20 million. Three USDC batches were also recorded, valued at $7 million, $7 million and $3 million. The report describes these transfers as separate movements to the platform, without directly linking them to PEPE purchases. Arkham has not established that the stablecoins were used to buy the tokens later withdrawn.

The way exchange balances are counted affects how PEPE’s largest holders are ranked. According to the report, exchange balances may include assets held on behalf of customers, so a platform’s balance does not mean the tokens belong to it. A filing for the Canary PEPE ETF with the U.S. Securities and Exchange Commission says trading platforms typically hold pooled wallets for their customers. The filing also warns that sales or distributions by large holders could put pressure on the token’s price. It also says a large trade could represent a substantial share of average daily trading volume, making it harder to execute without a noticeable price impact.