According to the analytical platform Santiment, nearly 4.54 trillion $PEPE were withdrawn from cryptocurrency exchanges in the last 24 hours. This is the largest daily figure since November 14, 2024.
The record outflow of the memecoin from exchanges is unlikely related to any significant event for the asset.
The fewer coins are on exchanges, the fewer tokens are ready for quick sale, which reduces the risk of a sudden mass sell-off. Over the past two months, the price of Pepe has mostly moved sideways, while recent market forecasts pointed to a memecoin rotation, weak funding, and testing support levels, rather than the emergence of any significant catalyst related to a specific project, — Santiment stated.
Against the backdrop of a general recovery in the crypto market, $PEPE has risen by 7% over the past month, according to CoinMarketCap.
When a relatively quiet memecoin leaves exchanges, and traders are not actively trying to buy it, holders who are bullish may argue that the supply is moving into more reliable hands before investor attention returns to memecoins, — experts at Santiment believe.
$PEPE remains one of the largest Ethereum-based memecoins by the number of holders. Currently, it is held in 571,613 wallets. In this indicator, the token is second only to the cryptocurrency Shiba Inu (1,678,653 wallets).
Some crypto analysts predict growth of the asset amid institutional demand that will emerge after the launch of the $PEPE-ETF by Canary. For example, Rafaela Rigo set a target around $0.0000143. That's almost a 400% increase compared to the current level of $0.0000028.
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