PEPE Rises 12% Following Reports on Justin Sun's Position

The price of PEPE rose by almost 12% in a day to approximately $0.0000048 on October 28: traders were attracted by reports of a large position associated with Tron founder Justin Sun, amid increased activity in futures. During the day, the coin traded in the range of 0.0000043–0.0000050, with a trading volume close to $476 million and a market capitalization above $2 billion. Over the month, the token added about 15%, but remains below the December 2024 record of $0.000028.

Arkham Intelligence on October 27 identified a large position in wallets associated with Sun: the addresses received 11.85 trillion PEPE in two withdrawals from Poloniex on October 17 and 26. At the time of recording, the transfers were worth about $48.76 million, and the total position reached approximately $51.25 million. Arkham named Sun the largest private holder of PEPE outside exchanges. The concentration creates a risk: a large transfer back to the exchange could increase selling pressure.

Santiment reported that on October 16, the exchange supply of PEPE decreased by 4.77 trillion tokens – the largest one-day decline since at least October 2. There were 15 transfers over $1 million and about $20 million in net outflows; the outflows were approximately eight times the average from October 11–15. Then PEPE added about 13% between the closes of October 17 and 22, but from October 19 to 22, the supply recovered by 2.11 trillion tokens.

Futures volume increased by 72.67% to $587.89 million, open interest – by 7.10% to $316.14 million. Open interest does not distinguish between long and short positions. The RSI on the daily chart is 61.37, above the neutral 50, but below 70. The MACD is above the signal line, and the histogram is positive.

Analysts see support around $0.0000042 and resistance at 0.00000453–0.00000454. A breakout above $0.0000050 will bring $0.0000055 and $0.0000060 into focus, while a failure could open $0.0000045 and $0.0000040.