PEPE recorded a net exchange outflow of 4.54 trillion tokens, its largest single-day withdrawal from centralized trading platforms since November 14, 2024, according to Santiment. The movement represents a sharp reduction in PEPE held at addresses identified by the analytics platform as exchanges, bringing renewed attention to the distribution of the memecoin’s circulating supply.
The shift arrived while PEPE remained relatively subdued in price, trading around $0.0000028 rather than responding with an immediate breakout. As of August 10, the token was still near $0.0000029. The contrast between a large change in exchange balances and limited price movement suggests that the on-chain signal has yet to translate into a decisive market move.
Exchange Balances Drop as Large Holders Add PEPE
Additional wallet data points to increased concentration among PEPE’s largest addresses. Nansen data showed that the top 100 addresses increased their combined holdings by approximately 6.07% over 30 days, reaching about 85.97 trillion PEPE. The simultaneous increase among major wallets and decline in exchange balances indicates that a substantial amount of supply has shifted away from centralized trading venues.
That movement should not automatically be interpreted as long-term accumulation, however. Santiment defines exchange outflows as tokens moving from exchange-associated addresses to non-exchange addresses. Those destinations can include self-custody wallets and other on-chain venues, and the metric does not reveal the owner’s eventual intention. Lower exchange balances can reduce immediately accessible CEX supply, but they do not prove that holders intend to keep the tokens off the market.
One large PEPE transfer previously associated with Robinhood illustrates why transaction timing also matters when assessing whale activity. Whale Alert recorded 2.319 trillion PEPE, worth approximately $25 million, moving from a Robinhood-labeled wallet to an unknown address. That transaction occurred on September 16, 2025, nearly 11 months before the latest Santiment outflow reading, and therefore should not be treated as evidence explaining the August 2026 event.
PEPE Price Remains Far Below Its Record High
Despite the supply movement, PEPE remains substantially below the peak reached during the 2024 memecoin rally. Market data places its all-time high near $0.000028, compared with a current price around $0.0000029. PEPE is therefore trading close to 90% below its historical peak even as large wallets appear to be increasing their share of the token supply.
No specific event has been established as the cause of the 4.54 trillion-token outflow, and the data alone cannot determine whether the transfers reflect accumulation, custody changes or another strategy. The clearest signal is narrower: PEPE has experienced its largest net movement away from labeled centralized exchanges in nearly two years, while price action remains comparatively muted. What happens to those balances next will provide a stronger indication of whether the shift develops into sustained accumulation or proves temporary.