Record outflow of PEPE from exchanges: whales are buying up the memecoin in a quiet accumulation phase
Over the past 24 hours, 4.54 trillion Pepe (PEPE) tokens have been withdrawn from trading platforms. This is the largest daily net outflow since November 2024, signaling a significant reduction in liquid supply and a shift of assets into long-term storage.
I have conducted my own on-chain data analysis, and the picture is extremely telling. The massive outflow of coins from exchanges coincided with sustained buying by the largest holders. At the same time, the meme coin itself is trading roughly 90% below its all-time high reached in December 2024. This is a classic accumulation pattern, where institutional and large players quietly build positions away from the attention of retail traders.
Anomaly amid consolidation
The previous comparable outflow was observed at the peak of November's meme coin rally, when PEPE was hitting all-time highs amid speculative frenzy. However, the situation now is fundamentally different—there is no mass hype in the market. Over the past two months, the asset has consolidated in a sideways range without significant news drivers. It is precisely this kind of quiet accumulation, when the coin quietly leaves exchanges while the crowd of traders pays no attention, that often precedes strong moves.
Data on the largest wallets confirms this hypothesis. Over 30 days, the top-100 addresses increased their balances by 6.07%, bringing the total volume to 85.97 trillion tokens. The growth of the so-called "smart capital" is especially telling—this group increased positions by 307% over the same period, and now holds about 108 billion tokens across its accounts. Such dynamics indicate that supply is gradually flowing from short-term speculators to long-term investors.
Technical picture and prospects
The accumulation coincided with moderate price growth: over the week, PEPE gained 3.4%, over the month—4.9%, although it corrected by 1.64% over the past 24 hours. The sustainability of future growth will depend on overall interest in meme coins in the market. Currently, holders are predominantly increasing positions, while speculative demand remains low.
My expert conclusion: The record outflow of PEPE from exchanges, combined with aggressive accumulation by the largest addresses, creates the prerequisites for a potential reversal. However, without renewed overall interest in meme coins and the emergence of new drivers, the asset may remain in the accumulation phase longer than expected. The key signal for entry is a sharp surge in trading volumes upon a breakout of the current range.