- PEPE recorded its largest exchange outflow since November 2024 as 4.54 trillion tokens left centralized trading platforms, reducing available supply.
- Investors shifted tokens into private wallets while sideways price action highlighted accumulation instead of immediate selling pressure despite muted sentiment.
- Proposed meme coin ETF filing added another market development while lower exchange balances strengthened focus on PEPE’s supply dynamics.
Pepe recorded its largest daily exchange outflow since November 2024 after investors withdrew 4.54 trillion tokens from centralized trading platforms. According to Santiment, the movement marked the memecoin’s biggest net exchange outflow since Nov. 14, 2024. The activity unfolded while PEPE traded within a narrow range, highlighting a major shift in supply rather than an immediate change in price.
Santiment shared the update on X alongside exchange flow data showing a steep decline in the token’s exchange balance. Despite the significant withdrawal, PEPE remained largely range-bound, suggesting many holders preferred moving assets into private wallets instead of preparing them for immediate sales.
Moreover, large exchange outflows often indicate that investors intend to hold their assets for longer periods. Removing tokens from trading platforms also reduces the amount of supply available for quick liquidation, which can ease short-term selling pressure.
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Massive exchange withdrawals reshape PEPE supply outlook
According to Santiment, PEPE has traded sideways for nearly two months despite the record outflow. Additionally, recent market observations pointed to meme coin rotation, weak funding rates, and repeated support tests instead of any project-specific catalyst driving sentiment.
That combination makes the latest movement particularly notable because investors transferred trillions of tokens while market enthusiasm remained relatively subdued. Consequently, the withdrawals suggest that some holders chose self-custody instead of maintaining immediate access to exchanges.
Furthermore, Santiment’s chart showed the exchange flow balance dropping to approximately negative 4.54 trillion PEPE. Meanwhile, the token’s price remained relatively stable, creating a divergence between on-chain activity and market performance.
According to Santiment, fewer tokens on exchanges reduce the supply available for rapid selling. Therefore, stronger demand could have a greater market impact if exchange balances remain lower over time.
Besides the exchange flow data, Santiment highlighted the filing of the first exchange-traded fund dedicated exclusively to a meme coin. The proposal remains under regulatory review and represents another development attracting attention across the PEPE market.
Conclusion
PEPE’s largest exchange outflow since November 2024 reflects a significant change in token distribution rather than immediate price momentum. Lower exchange balances, stable trading activity, and sustained accumulation signals indicate investors are paying close attention to supply dynamics while evaluating the memecoin’s longer-term market direction.
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