PEPE Wallet Linked to Sun Moves $48.76M in Tokens
A wallet labelled as linked to Sun Yuchen received 7.2 trillion PEPE, worth about $28.44 million, from a Poloniex multisig address, according to on-chain analyst Ai Yi. A later update reported another 4.65 trillion PEPE withdrawal from Poloniex. The wallet now holds about 11.8 trillion PEPE, with an average withdrawal price of $0.000004114 and unrealised gains of roughly $2.085 million. Since 17 October, related addresses have moved $48.76 million in PEPE through Binance, Poloniex and HTX. The earlier transfer was the wallet’s first reported PEPE activity since June 2024, when the token traded at $0.00001256. The PEPE transfers do not confirm a sale, and it remains unclear whether the funds belong to Sun personally or to an exchange, as Sun owns HTX and Poloniex. Traders may monitor subsequent wallet movements and exchange flows for signs of possible selling pressure.
Neutral
The transfers involve a large amount of PEPE and could draw short-term trader attention. If the tokens are later sent to exchanges and sold, the resulting supply could increase selling pressure and weigh on PEPE’s price. However, transfers alone do not establish that a sale has taken place, and the reported holdings may be associated with an exchange rather than Sun personally. The wallet’s unrealised gain is not a realised profit or a confirmed intention to sell. In the near term, traders may watch for exchange deposits, further wallet movements and PEPE trading volume. Without confirmation of selling or a broader change in market conditions, the activity does not provide a clear directional signal. Over the longer term, the impact will depend on whether the tokens remain in custody or enter the market; on the information available, a neutral classification is most appropriate.