PEPE Jumps 12% to $0.0000048 as Holdings Linked to Sun Estimated at $51.25 Million
Key Facts
PEPE jumped nearly 12% in 24 hours to about $0.0000048 on October 28, according to a Blockonomi report, as Arkham estimated the value of holdings linked to Justin Sun’s official and suspected wallets at about $51.25 million. Arkham said those holdings represented 2.82% of total supply, putting token concentration in a limited number of wallets alongside the price move in focus. Attribution of the addresses to Sun does not prove he is the beneficial owner of every wallet, and the transfer trail does not show whether the tokens were bought or when. According to EL7 data, the token closed at $0.00000478 on October 28, compared with a close of $0.00000460 the previous day. That change between the two closes differs from the 12% jump reported by Blockonomi for the preceding 24-hour period.
The Crypto Times reported, citing Arkham, that the tokens moved through Binance, Poloniex and HTX before reaching the wallets. However, tracking token transfers between exchanges and wallets does not identify the original purchase price or prove the beneficial owner of the addresses. The value of the holdings therefore remains an estimate tied to the addresses Arkham classified, while the transfers’ significance for token ownership or purpose remains unresolved.
Alongside the PEPE transfers, Arkham said wallets attributed to Sun sent $77 million in stablecoins to Poloniex through 6 transactions between October 15 and 25. The transfers included 3 transactions of $20 million each in USDT, followed by USDC transactions of $7 million, $7 million and $3 million. The report cites these flows in the context of wallet and platform activity, but does not establish that the funds financed the transfers involving PEPE. This limitation keeps the movement of stablecoins to the platform distinct from the transfer of tokens to wallets attributed to Sun. The available information provides no evidence that those flows were purchases of the token or direct funding for the transfers.
In derivatives, Blockonomi cited CoinGlass data showing that PEPE futures trading volume rose 72.67% to $587.89 million on October 28. Open interest, the value of outstanding contracts, also increased 7.10% to $316.14 million. The figures indicate greater participation in the derivatives market alongside the price rise, but on their own do not show whether new positions are betting on gains or declines. The report attributed the figures to CoinGlass, with no independent primary page available to confirm them among the materials on which the story was based. Futures activity thus tracked spot-market trading without providing a clear direction for traders’ positions.
Against the backdrop of supply movements, Blockonomi, citing Santiment, said 4.77 trillion PEPE left exchanges on October 16, before part of the amount later returned. Arkham also estimated the token’s market capitalization at about $1.81 billion in a snapshot it published on October 27. The platform reported balances linked to exchanges, including $337.5 million at Binance and $150.9 million at Robinhood. These figures provide context on the distribution of tokens among exchange-linked wallets and other addresses, alongside the concentration Arkham attributed to Sun’s wallets. But they do not, on their own, determine the effect of flows on the token’s price or its subsequent direction.
In a development related to the token, Canary Capital filed for an exchange-traded fund tracking PEPE on April 8, 2026, then submitted an amendment to its registration on October 2, according to the U.S. Securities and Exchange Commission’s record. The filings establish that an application and an amendment were made, but do not mean the fund has been approved. The original filing describes the fund’s objective as providing exposure to the price of the PEPE it holds, less operating expenses and liabilities. The proposed application remains a regulatory process separate from the price action and transfers Arkham tracked in October. The available record does not specify a later review or issuance date.