A massive 4.54 trillion PEPE tokens were withdrawn from centralized exchanges in a single day, marking the meme coin’s largest net exchange outflow since November 14, 2024, according to data from on-chain analytics firm Santiment. The movement, recorded over the past 24 hours, saw the exchange flow balance plunge to approximately negative 4.54 trillion PEPE, indicating that far more tokens left trading platforms than entered them.
Exchange outflows are typically interpreted as a bullish signal, as they reduce the immediately available supply for selling and suggest holders are moving assets into private wallets for longer-term storage rather than preparing for liquidation. Santiment highlighted that PEPE has been trading mostly sideways for nearly two months, and the outflows occurred without a surge in aggressive buying. This pattern, the firm noted, could point to supply transitioning into stronger hands — investors who are less likely to sell quickly — ahead of a potential return of bullish interest.
Despite the significant reduction in exchange balance, PEPE’s price remained relatively stable, creating a divergence between on-chain activity and market performance. The sideways price action, coupled with weak funding rates and repeated support tests, suggests that the withdrawals were driven by long-term conviction rather than short-term speculative fervor.
Adding to the context, Santiment also drew attention to a proposed exchange-traded fund (ETF) dedicated exclusively to a meme coin, which has been filed and remains under regulatory review. While not directly tied to the outflow event, the ETF filing represents another development that could influence market perception of PEPE and the broader meme coin sector.
The record outflow is a notable on-chain signal. It underscores a shift in token distribution, potentially laying the groundwork for future price action if demand picks up. However, analysts caution that outflows alone are not a definitive bullish indicator; they must be assessed alongside trading volumes, whale activity, and broader market trends, especially given the high speculation inherent in meme coins.
