Arkham Intelligence has identified Tron founder Justin Sun as the largest individual holder of the memecoin PEPE, with wallets attributed to him holding approximately $51.25 million worth of tokens, or 2.82% of the total supply, according to an October 27, 2026 report.
The accumulation occurred over 10 days, driven by two major withdrawals from Poloniex. On October 17 at 14:29 UTC, about 7.2 trillion PEPE tokens worth $28.44 million moved to a Sun-linked wallet, and on October 26 at 15:54 UTC, another 4.65 trillion PEPE valued at $20.32 million followed. Together, the transfers totaled $48.76 million. Before this, the wallets held only about 68 billion PEPE worth $267,000, received from Binance in December 2023 and from Poloniex during 2024.
Arkham traced the tokens through Binance, Poloniex, and HTX, noting that some had moved from Binance hot wallets to Poloniex deposit addresses in multiple transactions. The firm also identified $77 million in stablecoin transfers from Sun-linked wallets to Poloniex between October 15 and October 25, but did not confirm these were used directly to buy the PEPE. Arkham valued Sun’s total on-chain portfolio at about $2.29 billion.
At the time of the report, PEPE had a market cap of approximately $1.81 billion. Exchange holdings still dominate: Binance held $337.5 million, or 18.7% of supply; Robinhood held $150.9 million, or 8.37%; Coinbase accounted for 5.03%; and OKX for 4.15%. These exchange balances typically include customer assets. Sun’s position represented an unrealized gain of more than $2 million compared with the reported transfer values.
For investors, the concentration is a double-edged signal. It could bring attention to PEPE and reinforce memecoin momentum, but nearly 3% in one individual’s wallets also creates potential selling pressure if liquidated. PEPE remains highly speculative: in September it recorded a 45% weekly rally while derivatives open interest approached $400 million. Earlier in October, crypto.news reported that Canary Capital amended its PEPE ETF registration with the U.S. SEC. Sun has not formally acknowledged Arkham’s findings.
