PEPE Off Exchanges as Whales and ETF Speculation Rise

Pepe ($PEPE), the Ethereum-based memecoin, is drawing renewed attention from both large on-chain holders and institutional investors, as a combination of shrinking exchange supply and a formal ETF proposal fuel fresh momentum.

Whales Pull Supply Off Exchanges

PEPE currently ranks 45th by market capitalisation, and its 24-hour trading volume amounts to roughly 24.2% of market cap, reflecting healthy liquidity for an asset in the memecoin category.

On-chain data points to deliberate accumulation at the top of the holder distribution. Exchange-held PEPE supply fell by roughly 1.45 trillion tokens, while top non-exchange wallets increased their holdings by about 3.54 trillion tokens over the same window. Large exchange outflows are often a sign that holders are moving tokens into private wallets instead of keeping them on exchanges for selling, reducing the readily available supply that can create short-term price pressure.

On-chain analytics firm Santiment recorded seven PEPE transactions larger than $1 million each in a single day, the highest count since mid-March. The token also has one of the broadest retail bases on Ethereum, with around 571,613 wallets currently holding the asset.

Data from Nansen shows the top 100 PEPE addresses grew their holdings by 6.07% over 30 days and now control about 85.97 trillion tokens. Nansen also flagged a 307% jump in Smart Money holdings over the same period.

Canary Capital Files Spot PEPE ETF With the SEC

Digital asset management firm Canary Capital has officially filed for the first-ever spot Pepe ETF with the US Securities and Exchange Commission (SEC). The proposed fund would hold the Ethereum-based memecoin directly, mirroring the structure of existing spot crypto ETFs. According to the filing, shares would be sold or redeemed in baskets of 10,000 units.

Canary Capital already manages several crypto ETFs tracking XRP, Solana, HBAR, and SEI. The firm's filing acknowledged that US regulations around PEPE and the Ethereum network "continue to evolve," which may affect demand. Whether the SEC will approve such a volatile asset remains the primary question for investors.

Taken together, the combination of declining exchange supply, concentrated whale accumulation, sustained trading volumes and a formal ETF proposal represents a notably active backdrop for a memecoin that remains well off its all-time highs. Whether that translates into a sustained price move will depend on whether broader market conditions and regulatory decisions align.

Sources:
Canary Capital Files for US Spot PEPE ETF – CoinMarketCap
PEPE Exchange Outflows Hit Nearly 2-Year High as Whales Accumulate – Yahoo Finance / BeInCrypto
PEPE Sees 4.54T Token Outflow – AMBCrypto