PEPE Experiences Record Daily Withdrawal as Institutional Interest Remains High

The PEPE cryptocurrency experienced its largest daily withdrawal from centralized trading platforms since November 14, 2024. According to data from KuCoin, a total of 4.54 trillion tokens were removed from exchanges in one day.

This figure represents a significant reduction in the number of PEPE coins available for fast selling on these platforms. Analysis by Santiment suggests that this decrease could lower the risk of immediate selling pressure on the asset.

The memecoin's price has been trading in a steady lateral range over the past two months, with market reports attributing this behavior to capital rotation among different memecoins and weakening funding rates in derivatives.

Regarding on-chain asset distribution, Ethereum network records show that PEPE is one of the memecoins with the highest number of holders. With 571,613 unique wallet addresses holding the token, it ranks second only to Shiba Inu on the Ethereum network.