On-chain data has diverged sharply. On August 5,
$PEPE ’s daily net outflow from exchanges reached 4.54 trillion tokens, the highest since November 2024; over the following two weeks, exchange balances fell by another 1.45 trillion tokens, while the top 100 whale wallets increased their holdings by 6.07% over 30 days.
On the surface, this appears to be long-term accumulation easing selling pressure, but in reality it reflects extreme control: the top 100 addresses control approximately 77.55% to 85.97% of the supply. Some whales have already reduced their positions at higher prices, with one a