Crypto Whales Move $10M in PEPE Closing Gap with SHIB

Two Dormant Crypto Whales Move $10 Million in PEPE

On October 28, 2026, two massive crypto holders—often called whales—woke up after months of silence. Together, they moved a staggering 2.27 trillion PEPE tokens. At the time of the transfer, this stash was worth roughly $10.19 million.

When old crypto wallets suddenly move large amounts of coins, traders usually get nervous. Typically, moving coins to an exchange suggests that large investors are getting ready to sell and take profits. This often leads to price drops.

But this time, the market surprised everyone. Instead of crashing, PEPE experienced a sharp price jump as eager buyers quickly absorbed the sudden influx of tokens.

Breaking Down the Whale Transactions

Let us look closely at where these tokens came from. The two wallets had been inactive for quite a long time before taking action on Wednesday.

• The first wallet had been silent for an entire year. It previously transferred funds to Coinbase and moved $6.53 million worth of PEPE.
• The second wallet broke four months of complete inactivity by moving $3.66 million worth of PEPE.

According to blockchain tracking platform Lookonchain, these two wallets moved their combined 2.27 trillion PEPE tokens in quick succession.

What surprised analysts was how fast the market swallowed up this massive supply. Data shows that 84% of the entire twelve-hour trading volume occurred in just the last six hours of that window. Buyers essentially purchased the entire whale supply straight off the open market in a matter of hours.

PEPE Closes the Gap on Shiba InuSHIB+2.14%

Thanks to this aggressive buying momentum, PEPE saw its daily price jump by more than 10.8% on TradingView charts. While prices rose rapidly, investors should keep in mind that short-term volatility remains high in memecoin markets.

Past performance of digital assets is not a guarantee of future results.

This upward momentum quickly spilled over into its primary competitor, Shiba Inu (SHIB). SHIB gained 1.66% on the same day, building on its strong market performance through September 2026.

This sudden rally drastically changed the balance of power between the top two EthereumETH+0.56% memecoins. The market capitalization gap separating Shiba Inu and PEPE narrowed to a historic low of just $1.06 billion.

Memecoins once again grabbed center stage, pulling speculative trading volume away from other areas of the cryptocurrency market. The ongoing rivalry between PEPE and SHIB has become a key driver of activity across the entire Ethereum network.

Justin Sun's Accumulation and the Risk of Supply Concentration

While the price gains made headlines, underlying data reveals a major risk factor for PEPE: extreme supply concentration in very few hands.

On-chain tracking data from Arkham Intelligence revealed that TronTRX+1.08% founder Justin Sun has been aggressively buying PEPE tokens. Over a ten-day period leading up to October 28, 2026, Sun accumulated 2.82% of the total PEPE supply, worth approximately $51.25 million.

Industry metrics show that large holders control up to 94.66% of PEPE's entire circulating supply. This means the future direction of a multi-billion-dollar project rests in the hands of roughly two dozen wallet addresses.

When a tiny group of investors controls nearly all available coins, any sudden sell-off by a single whale can trigger sharp price swings across the market.

Additional Activity Surrounding Shiba Inu (SHIB)

The intense competition between PEPE and SHIB coincides with notable developments within the Shiba Inu ecosystem as well.

Earlier on October 28, 2026, Shiba Inu recorded a massive 428,862% surge in its daily token burn rate—marking its highest burn activity for the month. Burning tokens permanently removes them from circulation, which can alter circulating supply dynamics.

Additionally, the SHIB community celebrated new adoption news on October 27, 2026, as SHIB unlocked new travel-related use cases, allowing holders to use their tokens for real-world bookings.

What This Means for Crypto Traders

The sudden awakening of dormant whales shows that major players remain deeply engaged with Ethereum-based memecoins. The narrowing gap between PEPE and SHIB highlights an evolving race for dominance in the memecoin market.

However, traders should always practice caution. With 94.66% of PEPE tokens held by a small number of wallets, sudden shifts in whale strategy can create fast-moving market conditions. Always evaluate market risks carefully before making trading decisions.