Record-Breaking PEPE Withdrawal Sparks Rally Hopes

A significant drop in PEPE token reserves has been observed on centralized trading platforms. According to Santiment Intelligence, the memecoin's largest daily withdrawal since November 14, 2024, stands at 4.54 trillion tokens.

This reduction could decrease immediate selling pressure on the asset and potentially lead to a new rally. As stated by Santiment, 'when coins leave platforms while overall volume remains moderate, supply typically shifts to long-term holders awaiting a change in market sentiment.'

The PEPE token has been showing steady lateral price movement over the past two months, attributed to capital rotation among different memecoins and weakening funding rates in derivatives. The asset's on-chain distribution is notable, with 571,613 unique wallet addresses holding the token on the Ethereum network.

Institutional interest in PEPE has been growing, with asset manager Canary Capital filing an S-1 registration statement with the US SEC to structure a spot ETF. This development could provide a boost to the asset's price, as projected by crypto analyst Rafaela Rigo, who anticipates a 3x to 5x return in the next bull cycle.