PEPE jumped 17% in a day as analysts pointed to Justin Sun's growing exposure to the token. On-chain data cited by BSCN shows Sun holding about 2.82% of the circulating supply, though BSCN warned that these transactions may have been internal.
The frog-themed meme coin jumped to around $0.000005 over the past 24 hours. Its market capitalization also exceeded $2 billion.
PEPE outperformed BTC, ETH, and XRP on October 28, and the main reason appears to be Sun's increased exposure to the token.
The X account BSCN, citing Arkham Intelligence data, said the businessman now owns 11.85 trillion coins, worth over $51.2 million. That equals about 2.82% of the circulating supply.
BSCN said most of the position arrived over the past ten days, through two large Poloniex withdrawals on October 17 and October 26. His earlier holdings were valued at around $267,000 until mid-October.
However, BSCN also noted that Poloniex is connected to Sun's wallet, so the transactions may have been internal rather than new market acquisitions. Only Binance, Robinhood, and Coinbase control more PEPE than Sun.
Some analysts have turned to PEPE after the rally. Altcoin Sherpa said PEPE has shown "a ton of strength" in the last two days but is not sure the uptrend will continue. They believe the price could jump to $0.00007 next if PEPE breaks above its current level and BTC remains stable.
Sweep, another analyst, thinks the pump is not over yet.
Source: CryptoPotato
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