PEPE traded near $0.0000048 on Wednesday, October 28, up close to 12% over 24 hours, with the market still to answer the central question: whether the memecoin can convert this week's rally into a confirmed daily close above $0.0000050. That level is a round number, the kind of threshold traders commonly use as a reference point when judging whether a move has held.

The move followed a whale disclosure from blockchain analytics firm Arkham Intelligence, which attributed a wallet holding roughly $51.25 million in PEPE to Justin Sun, the founder of the Tron blockchain. The labeling publicly linked a substantial PEPE position to Sun, whose on-chain wallet activity is routinely monitored by analytics platforms and market watchers. The disclosure is notable because large-holder positions otherwise sit behind pseudonymous addresses: attaching a known identity makes the scale of the position publicly readable, and any subsequent transfer into or out of the wallet would be visible on-chain for anyone to verify.

Arkham Intelligence operates a platform that maps cryptocurrency wallet addresses to identifiable entities and labels their holdings — data that market participants frequently use to track the activity of large holders, commonly referred to as whales.

PEPE itself is an Ethereum-based memecoin launched in 2023 and branded around the Pepe the Frog internet cartoon. Like other assets in the meme-token sector, it does not generate cash flows for holders, and its market value rests largely on community attention and exchange liquidity — characteristics that tend to produce sharp percentage swings over short periods. For an asset of that type, labeled whale holdings are among the few on-chain data points market participants can consult, since the token offers no earnings or cash-flow record to analyze.

This article was first published on COINOTAG: https://en.coinotag.com/pepe-nears-000005-after-51m-sun-wallet-disclosure