The presence of about $51 million in PEPE in wallets Arkham links to Justin Sun suggests Sun may be the memecoin’s largest individual holder.
According to Arkham data cited by Wu Blockchain, wallets labeled in Sun’s name or temporarily associated with him hold a total of $51.25 million worth of PEPE. This amount represents about 3% of the token’s total supply.
The assessment that he is the largest individual holder is based on the attribution of these wallets to Sun. Arkham reportedly uses cautious, rather than definitive, attribution for some addresses.
About $49 Million Worth of PEPE in Two Transfers
Arkham tracked two large PEPE transfers from Poloniex on October 17 and 26 to the wallets in question. They were valued at about $28.44 million and $20.32 million, respectively, bringing the total to $48.76 million.
Some PEPE had also moved between Binance, HTX, and Poloniex before these transfers. The tracked exchange outflows account for notable portions of the large balances in the addresses associated with Sun.
Poloniex Also Received $77 Million in Stablecoins
Wallets previously labeled as belonging to Sun also sent about $77 million in stablecoins to Poloniex between October 15 and 25. However, no verified transaction information was provided showing that these funds were used to buy PEPE.
The key finding in the report is not only the transfers, but also the high share of the PEPE supply held in wallets linked to Sun. This share, calculated by Arkham, raises the possibility that a known crypto investor holds a substantial position in the memecoin.
Not investment advice.