PEPE surged 17% on Oct. 28 after Justin Sun’s $51 million purchase, but a Binance hack that dumped 7 trillion tokens later pressured the meme coin.
PEPE, the frog‑themed meme token, jumped 17% on Oct. 28, climbing to roughly $0.000005 and pushing its market value past the $2 billion psychological barrier. The rally coincided with data from Arkham Intelligence showing that TRON founder Justin Sun’s wallets now hold about 11.85 trillion PEPE—worth $51.25 million and representing 2.82% of the circulating supply, according to CryptoNews. Sun’s accumulation, which took place via two large Poloniex withdrawals on Oct. 17 and Oct. 26, positioned him among the top individual holders, trailing only major exchanges such as Binance, Robinhood and Coinbase.
Analysts cited by CryptoPotato noted that Sun’s entry provided a catalyst for the token’s recent strength. Altcoin Sherpa described the last two days as showing “a ton of strength,” while Sweep warned that “the pump isn’t over yet.” Technical commentary from Crypto With Gopal highlighted an inverted head‑and‑shoulders pattern forming, suggesting a breakout above the $0.0000051 neckline could lift PEPE toward $0.0000085‑$0.0000090. The Money Ape recounted a historic whale purchase of 2.5 trillion tokens for $27 in April 2023, which now sits at a staggering unrealized gain, underscoring the token’s volatility.
The momentum reversed sharply after Binance suffered a historic hack on Oct. 29, with North Korean actors stealing over $6.3 billion in assets, including 7 trillion PEPE tokens valued at $37.4 billion. CoinGape reported that the hacker dumped the entire stash, pushing PEPE’s price from $0.00000568 to a daily low of $0.00000440 before closing at $0.00000456, a 1.77% decline at the time of writing. The sell‑off spurred $3.45 million in long liquidations—the highest since May—while open interest fell 10% to $368 million, according to CoinGlass data.
Despite the turbulence, on‑chain data shows whales re‑entering the market. LookonChain identified the address dimethyltryptamine.eth buying 45 billion PEPE and now holding 2.04 trillion tokens worth over $10 million, suggesting confidence in a price recovery. CoinGape’s technical view notes that PEPE remains above its 50‑day EMA and the RSI sits at 61, indicating bullish momentum. The weekly chart still shows an ascending channel; a break above the upper trendline could target $0.0000070, while failure to hold the lower trendline may expose the price to $0.00000316.
Future price action will likely hinge on three factors: (1) broader market sentiment, especially Bitcoin’s trajectory relative to the $80,000 level; (2) further whale activity, both buying and potential new exits; and (3) any regulatory or security developments stemming from the Binance breach. Monitoring Poloniex activity and additional filings from Arkham Intelligence will help gauge whether Sun or other large holders increase their exposure, which could reignite the rally.
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