PEPE Price Rises 13% as $20 Million in Exchange Outflows Signal Whale Activity
Pepe (PEPE) gained approximately 13% between its October 17 and October 22 closing prices after a sharp reduction in exchange supply coincided with significant large-holder activity. Data shared by market intelligence platform Santiment shows that 4.77 trillion PEPE tokens left exchanges on October 16, marking the largest single-day decline in exchange-held supply since at least October 2.
The movement represented a 6% reduction in PEPE’s exchange supply for that day. Santiment also recorded 15 transfers valued above $1 million and approximately $20 million in net exchange outflows, with outflows running about eight times the average recorded from October 11 through October 15.
The timing places exchange activity at the center of PEPE’s latest price movement. While Bitcoin (BTC) and Ethereum (ETH) finished the October 17 to October 22 period roughly flat, PEPE recorded a notable gain. The figures suggest that token-specific activity may have played a role, although they do not establish that withdrawals directly caused the rally.
PEPE Exchange Outflows Coincide With Price Gains
Exchange outflows occur when more tokens leave centralized trading platforms than enter them over a given period. Traders may withdraw assets to private wallets, move funds between services or use tokens for other purposes. When exchange balances fall, fewer tokens are immediately available for trading on those platforms, but that does not automatically mean holders intend to keep them off the market.
Santiment’s figures indicate that October 16 was an unusually active day for PEPE. The combination of a 4.77 trillion-token supply decline, around $20 million in net outflows and 15 transfers exceeding $1 million points to substantial movement among large transactions and exchange balances.
The subsequent 13% price increase added another layer to the data. PEPE’s gains occurred while Bitcoin and Ethereum remained broadly unchanged over the same period, suggesting that the memecoin’s performance differed from that of the two largest cryptocurrencies.
However, large transfers do not necessarily represent purchases or coordinated accumulation. Exchange outflows can reflect withdrawals to self-custody, transfers to other platforms or changes in wallet management. The available figures do not identify the owners of the wallets or confirm the purpose behind each transaction.
For traders tracking PEPE, the distinction matters. Falling exchange balances can be consistent with reduced immediately available supply, but price direction also depends on demand, liquidity, market sentiment and the willingness of existing holders to sell.
PEPE Exchange Supply Rebounds by 2.11 Trillion Tokens
The picture changed between October 19 and October 22, when PEPE’s exchange supply increased by 2.11 trillion tokens. Santiment reported net exchange inflows on October 20, October 21 and October 22, reversing part of the earlier withdrawal trend.
That rebound represents more than 40% of the 4.77 trillion PEPE tokens that left exchanges on October 16. The data therefore suggest that a meaningful portion of the earlier supply reduction had already been reversed by October 22.
Rising exchange balances can indicate that more tokens are becoming available for potential trading, including selling. However, deposits alone do not confirm that holders plan to sell, and inflows do not guarantee an immediate price decline. Some transfers may reflect routine wallet movements or repositioning between platforms.
The reversal creates an important question for PEPE’s recent rally: will exchange supply continue to recover, or will withdrawals resume? Sustained inflows alongside weakening prices could indicate increased potential selling pressure, while renewed outflows and persistent demand could point to a different market balance.
For now, Santiment’s data show two distinct phases: a major exchange-supply reduction on October 16 followed by a partial recovery through October 22. PEPE’s 13% gain during the intervening period makes the sequence worth watching, but it does not prove that whale activity alone drove the move.
The next signals will be the direction of exchange balances, the scale of large transfers and whether PEPE can maintain its gains as more tokens return to trading platforms.
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