Pepe (PEPE) recorded its largest single-day exchange outflow since November 2024, with 4.54 trillion tokens leaving trading platforms, according to on-chain analytics firm Santiment. This marked the biggest net exchange withdrawal since November 14, 2024, signaling that holders are moving supply away from immediate selling pressure. The withdrawal coincides with steady buying from large wallets, as reported by Santiment, which explained that with less supply sitting on exchanges, fewer tokens are ready for fast sales, reducing the risk of an abrupt selloff. Recent market data shows PEPE rallied nearly 25% over four consecutive weeks, breaking above $0.000003, though the token has since dropped more than 5% over the past 14 days, retracing over 20% of previous gains.
Data from Nansen shows the top 100 PEPE addresses grew their holdings 6.07% over 30 days, controlling about 85.97 trillion tokens. The accumulation signals arrive as PEPE posts modest gains over the past month, with the meme coin rising 3.4% over the week and 4.9% across 30 days, though it slipped 1.64% in the past 24 hours. Nansen also flagged a 307% jump in Smart Money holdings over the same period, though that cohort holds about 108 billion tokens, a fraction of the Top 100 total. The accumulation suggests supply is shifting toward longer-term holders, as reported by Nansen. Market sentiment around PEPE remains largely bullish despite technical challenges, with the memecoin sector's market cap up more than 2% on the weekly chart while the 24-hour chart shows a 4% pullback, bringing the sector's total valuation back to around $23 billion.
PEPE is facing a key test at the $0.000003 resistance level, which the token has now been rejected at for the second time in less than a month, suggesting bears are defending it aggressively. The recent 5% decline could be the early stage of a deeper correction, with the $0.0000026 level emerging as the closest support to watch. However, the technical picture changes significantly when considering the massive exchange outflows. As exchange balances decline, the amount of PEPE available for selling decreases, with large players absorbing supply into weakness instead of exiting positions. This dynamic suggests that if buyers continue to absorb selling pressure, the recent breakdown below resistance could turn into a "bear trap," setting the stage for another breakout attempt. The current setup shows PEPE trading roughly 90% below its December 2024 record high, with the previous comparable outflow occurring during the post-election meme coin rally.
