Wallets attributed to TRON founder Justin Sun hold 2.82% of PEPE's supply, worth about $51.25 million, after large transfers over 10 days, according to blockchain analytics firm Arkham Intelligence.
The firm said in an Oct. 27 post on X that the combined balance across wallets it labels as official and predicted made Sun the largest individual PEPE holder outside exchanges. That ranking depends on Arkham's address labels, not independently confirmed ownership of every wallet.
Two withdrawals from Poloniex account for most of the reported position. Arkham valued those transfers at $48.76 million when the tokens arrived, but the transactions do not establish a purchase cost or prove that the funds belong personally to Sun.
Is Justin Sun the Top PEPE Holder?
— Arkham (@arkham) October 27, 2026
Between his official and predicted wallets, Justin Sun holds almost 3% of the PEPE supply, worth $51.25M.
These PEPE tokens moved into his wallets in the past 10 days - making him the top individual holding PEPE. pic.twitter.com/rrZdRaD6W5
Two withdrawals account for 11.85 trillion tokens
The first withdrawal took place on Oct. 17 at 14:29 UTC. It involved 7.2 trillion PEPE worth approximately $28.44 million, according to Arkham. A second withdrawal on Oct. 26 at 15:54 UTC moved 4.65 trillion tokens valued at $20.32 million.
Together, those transfers amounted to 11.85 trillion PEPE. Before Oct. 17, Arkham put Sun's attributed balance at 68 billion tokens, worth about $267,000, from transfers that dated to December 2023 and 2024.
Arkham traced the larger transfers through exchange infrastructure. It said the tokens appeared to originate from Binance before they passed through Poloniex and HTX, then returned to Poloniex ahead of the final withdrawals.
The firm identified PEPE transfers from Binance's "Binance 14" hot wallet into Poloniex deposit addresses on Oct. 16 and Oct. 26. It also reported a $20.20 million PEPE transfer from Poloniex to an HTX deposit address on Oct. 26, before the second withdrawal.
That route establishes reported movements between addresses, rather than a verified sequence of purchases by Sun.
Wallet labels leave ownership questions open
One receiving address ends in E5991 and begins with 0x721. Arkham classifies it as a predicted Sun wallet because its initial funding on June 16 came from addresses the firm had already attributed to him.
Arkham valued that address's total assets at $284.35 million, with USDD accounting for $200 million. The balance also included $42.35 million in sUSDS.
The ERC-20 token standard specifies that a transfer event records the sender's address, the recipient's address and the amount transferred. It does not contain a purchase price or identify the beneficial owner behind either address.
Arkham estimated that the two wallets' PEPE was worth $51.01 million after receipt, compared with $48.76 million at arrival.
Arkham's broader $51.25 million estimate covers the combined attributed holdings, rather than only those two withdrawals.
Stablecoin transfers preceded the PEPE withdrawals
Arkham also reported $77 million in stablecoin transfers to Poloniex from two Sun-attributed wallets between Oct. 15 and Oct. 25.
Those deposits overlapped with the period around the PEPE movements, but Arkham did not establish a direct connection. The available evidence does not show that the stablecoins paid for the tokens.
The firm's holder comparison put Binance's PEPE balance at $337.5 million and Robinhood's at $150.9 million. Those exchange-linked balances can represent assets held for customers, rather than proprietary positions comparable to one person's portfolio.
HODLFM contacted the TRON team for comment on the attributed holdings. The supplied report contains no response from Sun or the team.
The stablecoin deposits comprised three $20 million USDT transfers and $17 million in USDC. Arkham said the USDT had been redeemed from Spark or Aave minutes earlier, while the USDC came from Sky.
Matvii Diadkov
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