Tron Founder Justin Sun Holds $51M in PEPE Tokens
Tron founder Justin Sun has accumulated nearly 3% of PEPE's total supply, making him the largest individual holder outside cryptocurrency exchanges.
Tron founder Justin Sun has accumulated nearly 3% of PEPE’s supply, with blockchain analytics firm Arkham Intelligence identifying approximately $51.25 million worth of the memecoin across his known and suspected wallets, according to CryptoNews.
According to an October 27 report by Arkham Intelligence, the tokens entered Sun-linked wallets over a 10-day period. This makes Sun the largest individual PEPE holder outside cryptocurrency exchanges. At the time of the analysis, PEPE had a market capitalization of approximately $1.81 billion.
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Transfers Traced Through Exchanges
A substantial portion of Sun’s recently identified holdings came through two major withdrawals from Poloniex, an exchange associated with the Tron founder. Arkham traced the first transaction to October 17, when approximately 7.2 trillion tokens worth $28.44 million were transferred from Poloniex to a wallet linked to Sun. A second withdrawal on October 26 involved another 4.65 trillion tokens valued at $20.32 million.
Arkham traced the tokens through Binance, Poloniex, and HTX. The analytics firm also identified another $77 million in stablecoin transfers from Sun-linked wallets to Poloniex between October 15 and October 25, consisting of USDT withdrawn from Spark and Aave alongside USDC from Sky. However, the firm did not establish that these stablecoin transfers were used directly to purchase the PEPE tokens.
Market Impact and Risks
Before October 17, Sun held approximately 68 billion PEPE worth $267,000, received from Binance in December 2023 and Poloniex during 2024. By October 27, his two identified wallets held approximately $51.01 million worth of PEPE, leaving the position with an unrealized gain of more than $2 million.
Key facts
- Justin Sun holds approximately $51.25 million in PEPE across known and suspected wallets, representing 2.82% of the total supply.
- Holdings were accumulated via two major withdrawals from Poloniex on October 17 and October 26, totaling $48.76 million.
- Arkham traced the token movement through Binance, Poloniex, and HTX.
- Arkham also identified $77 million in stablecoin transfers from Sun-linked wallets to Poloniex between October 15 and October 25.
Source: crypto.news
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