Dormant Whale Wallets Move 2.27 Trillion PEPE Worth $10.19 Million

Two Dormant Wallets End Their Silence

Two wallets that had shown no on-chain activity for months moved 2.27 trillion Pepe tokens, worth $10.19 million, on Wednesday, October 28, and the PEPE price answered with a 10.8% daily jump instead of the sell-off such transfers usually invite. On-chain records show the first address had stayed dormant for a full year after previously serving as a deposit route to a major crypto exchange; it transferred $6.53 million in tokens. The second wallet broke a four-month silence with a $3.66 million transaction, and both moves cleared within hours of one another, a synchronicity on-chain trackers flagged the same day. Neither address had moved funds in months, so transfers of this size stood out on an otherwise quiet tape. Dormant-wallet activity on this scale is treated by market watchers as an event in its own right, because coins held through multiple price cycles carry accumulated gains that can hit the market at once. In an ordinary cycle, dormant coins surfacing points to holders preparing to take profits, which typically weighs on the memecoin sector. That playbook failed here. Buyers treated the whale supply as an entry rather than a threat and cleared it from the market almost immediately, lifting PEPE sharply and pulling its older rival Shiba Inu (SHIB) higher alongside it. A token count measured in the trillions still translates into a parcel of just over ten million dollars, yet the response was outsized. The transfers returned attention to the Ethereum network's two main speculative assets at a moment when speculative liquidity has been rotating quickly between rivals. Whether the moved coins are headed for sale has not been disclosed; what the record confirms is the size of the transfers, the size of the price response, and the speed of the absorption.

On-chain tracker post from October 28, 2026: two dormant PEPE whales moved 2.27 trillion PEPE worth $10.19 million

Rally Absorbs the Whale Supply

Volume data confirms the absorption. Roughly 84% of the token's entire twelve-hour trading volume arrived in the final six hours, a burst consistent with retail FOMO accelerating as the whale supply reached the market; within a few hours that supply had been fully bought up. Momentum then spread across the sector, and the synchronized gains show the move was sector-wide rather than single-token. Shiba Inu gained 1.66% on the day, consolidating a position it had built through a strong September. Market data now shows the gap between SHIB and PEPE capitalizations at a historic low of $1.06 billion, well below levels recorded in earlier cycles and the scoreboard of a rivalry that has defined the sector since PEPE's rise. Memecoin trading has once again pulled speculative liquidity away from the rest of the crypto market, and the PEPE-SHIB race has become the main driver of activity across the Ethereum network. Underneath the rally, on-chain data records a second accumulation thread: Tron founder Justin Sun has built his position to 2.82% of the entire PEPE supply, about $51.25 million, over the past ten days, an accumulation our earlier report tied to PEPE nearing $0.000005. The build-up adds a second large-holder footprint alongside the two wallets that moved on Wednesday, deepening the concentration picture rather than easing it. Concentration remains the sector's structural weakness. Large holders still control up to 94.66% of PEPE's supply, meaning the direction of a market measured in billions rests with roughly two dozen wallets, and a single large holder's decision can set the price for everyone else.

94.66% of Supply in Few Hands

The episode reads as a stress test of PEPE's float rather than a routine whale exit. Old supply surfacing usually signals distribution ahead of weakness; here the tape showed the opposite, with 84% of the day's volume landing as the transfers settled and the price finishing 10.8% higher. That outcome, and the record-narrow $1.06 billion gap to SHIB, rests on a thin base: 94.66% of the supply sits with large holders, and Justin Sun alone now controls 2.82% of it. Concentration this heavy cuts both ways, fueling fast rallies while making sharp reversals cheap to trigger. Traders weighing whether the move extends beyond these flows can follow PEPE technical analysis for current support and resistance levels, revisit the earlier session in which a PEPE rebound put $0.00000476 resistance back in play, and apply the sizing playbook for spotting low-liquidity crypto pairs.