Did Justin Sun Fuel the Pump?

Sun supposedly became the largest individual holder of PEPE.

The frog-themed meme coin has posted a substantial price increase over the past 24 hours, jumping to around $0.000005, while its market capitalization has exceeded the $2 billion psychological level.

Multiple analysts see room for further near-term upside, with some signals pointing to TRON’s Justin Sun as a potential catalyst for the recent rally.

What Happened and What’s Next?

PEPE has outperformed many of the leading cryptocurrencies, including BTC, ETH, and XRP, today (October 28), and the main reason appears to be Sun’s increased exposure to the token.

The X account BSCN cited data from Arkham Intelligence that the Chinese businessman now owns 11.85 trillion coins (worth over $51.2 million), or about 2.82% of the circulating supply.

“Most of that came in over the past ten days, when two large withdrawals from Poloniex occurred on October 17 and October 26. His previous PEPE holdings were valued at around $267,000 until mid-October,” the announcement reads.

In fact, Sun is among the biggest PEPE holders, with only Binance, Robinhood, and Coinbase controlling more tokens than he does. BSCN made an important disclaimer that the crypto exchange Poloniex is connected to Sun’s wallet, so these transactions may have been internal rather than new market acquisitions.

Some analysts have shifted their attention to PEPE after the latest price resurgence, including Altcoin Sherpa and Sweep. The former said the meme coin has shown “a ton of strength” in the last two days but isn’t sure the uptrend will continue.

They believe that if PEPE breaks above its current level and BTC remains stable, the price could jump to $0.00007 next. For his part, Sweep thinks “the pump isn’t over yet.”

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Crypto With Gopal also touched on the matter. The analyst spotted an inverted head-and-shoulders pattern forming, with buyers currently defending the right shoulder as momentum builds toward neckline resistance at $0.0000051.

“A confirmed breakout could open the door toward $0.0000085-$0.0000090. Failure to break resistance could keep PEPE range-bound. Bulls are waking up – neckline breakout is the key trigger,” he predicted.

The Unlucky Whale

TMA | The Money Ape revealed an interesting story concerning a large PEPE investor. According to the popular X account, the mysterious person or entity purchased 2.5 trillion coins for just $27 in April 2023, but developers blacklisted their wallet eight minutes later.

As of press time, those tokens are up a staggering 44,900,000% from the initial investment. However, the whale can’t cash out, and as TMA | The Money Ape said, they are “a millionaire on screen, not in real life.”