Wallets linked to Tron founder Justin Sun now hold 2.82% of PEPE’s supply, worth $51.25 million, making him the memecoin’s largest individual holder outside exchanges, Arkham Intelligence said on October 27.
Key Facts
- Arkham Intelligence ties the stake to Sun’s labeled wallets plus one address it believes he also controls.
- Two Poloniex withdrawals on October 17 and October 26 moved 11.85 trillion PEPE, worth $48.76 million at transfer, to Sun-linked wallets.
- Sun’s known wallets held 68 billion PEPE, worth about $267,000, before the first withdrawal landed.
- Canary Capital’s pending PEPE ETF filing already lists concentrated ownership among the token’s main risks.
Two Poloniex withdrawals built the stake
Arkham traced nearly all of the position to Poloniex, an exchange associated with Sun. The first withdrawal, at 14:29 UTC on October 17, carried 7.2 trillion PEPE worth $28.44 million. The second followed at 15:54 UTC on October 26 with 4.65 trillion tokens worth $20.32 million.
The supply took a long way round. Binance hot wallets sent about $20.2 million of PEPE to Poloniex deposit addresses on October 16, then another $20.3 million on October 26. Some of those tokens passed through HTX and back to Poloniex before reaching Sun’s wallets.
Poloniex is a familiar stop for Sun’s money. In September, his wallets moved $12.3 million in ETH to Poloniex after a round of Lido redemptions.
Part of Arkham’s total rests on inference. The firm counts an address beginning 0x721 as likely Sun’s because known Sun wallets funded it with ETH and spUSDT on June 16. That address holds about $284.35 million, including $200 million in USDD.
Is Justin Sun the Top PEPE Holder? Between his official and predicted wallets, Justin Sun holds almost 3% of the PEPE supply, worth $51.25M. These PEPE tokens moved into his wallets in the past 10 days – making him the top individual holding PEPE. https://t.co/rrZdRaD6W5
— Arkham (@arkham) October 27, 2026
Sun-linked wallets also sent $77 million in stablecoins to Poloniex between October 15 and October 25. Three $20 million USDT transfers came out of Spark and Aave. USDC lots of $7 million, $7 million and $3 million came from Sky. Arkham did not establish that this money paid for the PEPE.
The ETF filing already flags whale risk
The buying lands on a token whose would-be ETF sponsor has already put concentration in writing. Canary Capital already listed a staked TRX ETF on Cboe in September. Its October 2 amendment to the PEPE ETF registration names Cboe BZX as the listing venue. “Ownership of PEPE is highly concentrated,” the filing states.
The prospectus puts the ten largest wallets at roughly 41% of circulating supply as of January 2026. Exchanges ran 11 of the top 15. Arkham’s snapshot, taken with PEPE’s market value near $1.81 billion, shows the same pattern:
- Binance: $337.5 million, or 18.7% of supply
- Robinhood: $150.9 million, or 8.37%
- Coinbase: 5.03%
- OKX: 4.15%
Those balances generally include customer assets. Sun’s stake is the biggest block Arkham can tie to one person.
The filing also records what a concentrated sale once looked like. In August 2023, three former PEPE team members sent 16 trillion tokens, about 3.8% of supply, to exchanges. The price fell roughly 16% over the next 24 hours. Canary said it cannot verify how much of that drop the transfers caused.
Open Questions
Sun’s flow runs the opposite way so far: off an exchange and into self-held wallets, with an unrealized gain above $2 million. Two questions remain open. Did the $77 million in stablecoins fund the purchases, and does the 0x721 address belong to Sun? He has not publicly addressed Arkham’s attribution.
For holders, the signal worth watching is simple. Both addresses are public, so any transfer back to an exchange deposit address will be visible on Etherscan as it happens.
