PEPE recorded a net outflow of 4.54 trillion tokens from exchanges in a single day, the meme coin's largest daily withdrawal since November 14, 2024. The pullback in exchange supply comes as Canary Capital pursues a spot PEPE ETF, and one analyst projects a multi-fold rally into the next bull cycle.
PEPE saw a net outflow of 4.54 trillion tokens from exchanges in a single day, the largest daily withdrawal since November 14, 2024. Fewer tokens on exchanges means less immediate selling pressure. Yet the move comes even as broader trader interest in the token stays muted.
Muted Trading Meets a Bullish Signal
According to Santiment, PEPE has traded mostly sideways over the past two months. Recent commentary has focused on meme coin rotation, weak funding, and support-level testing rather than any project-specific catalyst. Still, the analytics firm noted that when a quiet meme coin sees exchange supply drop while trader interest remains muted, bullish holders may view it as supply moving into stronger hands before attention returns.
Holder Base Still Trails Shiba Inu
PEPE remains one of Ethereum's largest meme coins by holder count. The token is held by 571,613 wallet addresses. That figure trails Shiba Inu, Ethereum's largest meme coin by holder count, which counts 1,678,653 unique wallet addresses.
Canary Capital Files for a PEPE ETF
Institutional interest has also emerged. Canary Capital filed a Form S-1 with the US Securities and Exchange Commission in April to launch a spot fund tied to PEPE. The proposed fund, called the Canary PEPE ETF, would track the token's live market price.
The filing states: "no identified blockchain-based utility beyond its branding and association with meme culture". It also adds that demand for the token might not keep growing or hold steady.
Analysts See More Upside
Some market watchers expect further gains. Crypto analyst Rafaela Rigo projected the token could deliver three to five times its value in the next bull cycle, marking a target near $0.0000143 — about 400% above PEPE's current level of $0.0000028.
Source: CryptoPotato
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