PEPE Supply on Exchanges Just Took a Massive Hit – What’s Next?

PEPE recorded a net exchange outflow of 4.54 trillion tokens in a single day, which was the meme coin’s largest daily outflow from exchanges since November 14, 2024.

Fewer tokens on exchanges mean less immediate selling pressure.

Exchange Exodus

According to the latest findings by Santiment, PEPE has traded mostly sideways over the past two months. Recent market commentary has focused on meme coin rotation, weak funding, and support level testing instead of any major project-specific catalyst.

The analytics firm explained that when a relatively quiet meme coin sees tokens leave exchanges while trader interest remains muted, bullish holders may view it as supply moving into stronger hands before attention returns.

Additionally, PEPE continues to rank among Ethereum’s largest meme coins by holder count, according to data cited by BSCN. 571,613 wallet addresses currently hold the token. It trails just behind Shiba Inu, which happens to be the largest meme coin on Ethereum by holder count. In fact, SHIB is held by 1,678,653 unique wallet addresses.

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