PEPE price jumps 12% as Justin Sun-linked holdings reach $51 million

Pepe (PEPE) climbed nearly 12% on October 28 as traders reacted to reports that wallets linked to Tron founder Justin Sun hold approximately $51.25 million worth of the meme coin. The rally coincided with a sharp increase in futures activity, suggesting that traders were taking larger positions as PEPE approached a key resistance level.

PEPE traded near $0.0000048 during the move, with its market capitalization remaining above $2 billion. Meanwhile, futures volume jumped 72.67% to $587.89 million, and open interest increased 7.10% to $316.14 million, according to CoinGlass data cited in market reports.

The rally comes amid renewed whale activity, changing exchange balances, and a proposed PEPE exchange-traded fund (ETF) that remains under regulatory review. However, the concentration of tokens in large wallets and PEPE’s resistance near $0.0000050 could influence its next move.

Justin Sun-linked wallets hold $51.25 million in PEPE

Blockchain analytics firm Arkham Intelligence reported on October 27 that wallets linked to Justin Sun held approximately $51.25 million in PEPE, representing around 2.82% of the token’s total supply.

The addresses reportedly received 11.85 trillion PEPE through two withdrawals from Poloniex on October 17 and October 26. The tokens were worth approximately $48.76 million when the transfers occurred.

Arkham described Sun as the largest individual PEPE holder outside cryptocurrency exchanges, based on its wallet attribution. However, the reported connection relies on blockchain analytics, and Sun has not been cited as publicly confirming the position.

The disclosure attracted attention as PEPE began moving higher. Large holdings associated with a prominent crypto figure can influence market sentiment, particularly for meme coins whose prices often respond strongly to speculation and social media attention.

Still, the reported holdings do not establish that Sun purchased the tokens specifically to support PEPE’s price. Nor do they guarantee that the wallets will continue holding the assets.

Other large transactions also drew attention on October 28. Onchain Lens reported that a wallet deposited 366.97 billion PEPE, worth approximately $1.64 million, to Coinbase. The transfer could indicate potential selling activity, although a deposit alone does not confirm that a sale occurred.

Lookonchain also reported that two dormant whales moved a combined 2.27 trillion PEPE worth approximately $10.19 million. The purpose and destination of those transfers were not clear in the report.

These transactions highlight the importance of tracking both accumulation and distribution when evaluating PEPE’s price movement.

PEPE exchange outflows show a mixed picture

Exchange balances provide another part of the story behind PEPE’s recent rally.

According to Santiment’s onchain analysis, exchange-held PEPE supply dropped by 4.77 trillion tokens on October 16, marking the largest single-day decline since at least October 2.

The movement included 15 transfers worth more than $1 million and approximately $20 million in net exchange outflows. PEPE subsequently gained around 13% between its October 17 and October 22 closing prices.

Tokens leaving exchanges can indicate that holders are moving assets into private wallets rather than keeping them readily available for exchange trading. However, an outflow does not necessarily mean the tokens have been permanently removed from the market or that the holders intend to sell later.

The trend also partially reversed. Between October 19 and October 22, exchange-held supply increased by 2.11 trillion PEPE, reversing more than 40% of the earlier decline.

CoinGlass data cited in market reports showed net spot outflows of approximately $1.39 million at the time of reporting. That suggests some tokens continued moving away from exchanges, but the broader exchange-supply trend remains mixed.

For traders, the key question is whether PEPE can sustain its recovery while exchange balances and whale transactions continue to fluctuate.

Futures volume jumps 72.67% as open interest rises

PEPE’s derivatives market became significantly more active alongside its price increase.

CoinGlass data showed futures trading volume rising 72.67% to $587.89 million, while open interest increased 7.10% to $316.14 million.

Futures volume measures the amount traded over a period. Open interest tracks the value of outstanding derivative contracts that have not been closed or settled. When both increase during a price rally, it can indicate that more traders are participating and that additional positions are being opened.

However, these figures do not reveal the direction of every position. Futures markets contain both long and short traders, so higher activity alone cannot confirm that the market expects further gains.

The combination of rising prices and open interest can also increase volatility. If leveraged positions become crowded, a sudden reversal may trigger liquidations that accelerate price movements in either direction.

For PEPE, sustained spot demand and a successful break above resistance would provide stronger evidence of continued buying pressure than futures volume alone.

Readers can follow the latest price, market capitalization and trading data through the Altcoin Buzz PEPE price tracker.

Proposed PEPE ETF adds another market catalyst

Canary Capital has filed an amended registration statement for a proposed PEPE ETF, adding another development to the meme coin’s market narrative.

An ETF could potentially make exposure to PEPE available through a traditional investment product, depending on the fund’s final structure and regulatory approval. However, the filing remains a proposal. The fund has not launched, and the filing should not be interpreted as evidence of confirmed institutional investment or incoming ETF demand.

The prospect of a regulated investment product can attract speculative interest before a decision is made. At the same time, regulatory uncertainty creates a risk that expectations may not translate into an approved product.

For now, PEPE’s price movement appears to be influenced by a combination of whale-related headlines, exchange flows, and increased derivatives activity rather than a confirmed ETF launch.

PEPE price analysis: $0.0000050 remains key resistance

PEPE’s daily chart showed improving momentum during the October 28 rally.

The relative strength index (RSI) stood at 61.37, below the commonly watched overbought threshold of 70. This suggests that upward momentum had strengthened without the indicator yet entering traditionally overbought territory.

The moving average convergence divergence (MACD) line was also above its signal line, indicating positive momentum in the reported chart setup. These indicators can help describe market conditions, but neither guarantees that a rally will continue.

On the price chart, traders were watching support near $0.0000042 and resistance around $0.0000050.

A sustained daily close above $0.0000050 could put the next potential resistance levels near $0.0000055 and $0.0000060 in focus. Such a move would need continued buying activity to confirm that the breakout is holding.

If PEPE fails to clear $0.0000050, the token could pull back toward $0.0000045. A deeper decline could bring $0.0000040 into view, particularly if whale deposits to exchanges increase or leveraged positions unwind.

What comes next for PEPE?

PEPE’s latest rally combines several market signals: a large position attributed to Justin Sun, a sharp rise in futures volume, increasing open interest, and earlier exchange outflows that subsequently partially reversed.

The reported $51.25 million position has attracted attention, but wallet attribution does not establish the holder’s intentions. Similarly, rising derivatives activity signals greater participation without proving that the market is positioned entirely for further gains.

The immediate price level to watch is $0.0000050. A sustained move above it could strengthen the bullish technical picture, while a rejection could send PEPE back toward lower support levels.

Because PEPE remains a highly speculative meme coin, sudden changes in sentiment, whale activity or leveraged positioning can lead to sharp price swings in either direction.