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Recently, the distribution pattern of PEPE token holders has attracted widespread attention in the market. Through in-depth analysis of on-chain data, we can clearly see some interesting trends.
From the perspective of the exchange's holdings, the trend of PEPE is quite similar to that of DOGE. In early 2024, with the market surge, the PEPE balances on exchanges have also been continuously increasing, which is a common practice similar to that of mainstream tokens.
However, starting from November 2024, the PEPE holdings of the exchange have seen a significant decline. Data shows that as of July 21, 2025, the exchange's PEPE balance has plummeted from 211 trillion coins to 152 trillion coins, a net decrease of 59 trillion coins. This large-scale reduction that has lasted for 8 months seems to suggest that certain large holders are actively accumulating chips, and this behavior appears to be unaffected by market fluctuations.
Further observation of the on-chain circulation distribution allows us to better understand who is collecting PEPE in large quantities. Data shows that the total holdings of small and medium investors (those holding less than 420 billion PEPE in their wallets, approximately 5.9 million USD) have decreased from 123 trillion PEPE in January 2025 to 102 trillion PEPE. If we extend the time span to August 2023, this group's holdings have shrunk by about 30%, from 155 trillion PEPE to the current level.
In contrast, the holdings of large investors (with holdings between 6 million and 60 million USD) are rapidly increasing. Since January 2025, the PEPE holdings of such addresses have risen from 1.02 trillion to 1.31 trillion, a remarkable increase of 45% compared to 900 billion in September 2023.
This data clearly outlines the 'de-retailization' process that PEPE is undergoing, especially since the beginning of 2025, where this trend has become increasingly evident. Whales seem to be taking this opportunity to continuously increase their PEPE holdings.
The change in this position structure may have a significant impact on the future trend of PEPE. As the chips gradually concentrate, market volatility may increase. At the same time, this may also indicate potential price fluctuations in the future. However, investors should remain cautious when making decisions, taking into account various factors comprehensively, rather than solely relying on position data for judgment.