PEPE vs SHIB Whales: Exchange Flow, Wallets and Overlap Compared

PEPE and SHIB are the two largest Ethereum memecoins by market cap, and “PEPE vs SHIB” is one of the most searched comparisons in the sector. Most comparisons stop at price charts and market caps. This one looks at a different layer: what the large wallets actually did with each token over the last month, measured from Deep Blue Alpha’s list of tracked Ethereum whale wallets. The table below is the short answer. Everything after it explains what the numbers do and do not say.

PEPE vs SHIB at a glance: the 30-day whale comparison

Which had more whale activity? PEPE, on every breadth measure: more dollars ($59.37M vs $19.79M), more wallets (70 vs 47) and more whale moves (337 vs 236). The gap is larger once size is accounted for. Whale moves in PEPE equaled 3.38% of its market cap over the month; SHIB’s equaled 0.61%. That is a statement about where tracked large wallets were active, not about which token is the better holding.

Which way did whale flow lean on PEPE and on SHIB?

The same direction on both. A coin withdrawn from an exchange to an outside wallet is conventionally read as an accumulation-side move, because the holder is taking it out of the venue where it can be sold quickly. A coin deposited to an exchange is the distribution-side read. Neither reading proves intent. A withdrawal can be a custody reshuffle; a deposit can be collateral or a transfer between accounts.

With that caveat, both tokens leaned toward the accumulation side over the month. Tracked whales withdrew $44.02M of PEPE and deposited $15.25M, so $28.78M net left exchanges. For SHIB, $13.83M was withdrawn and $5.96M deposited, so $7.87M net left exchanges. The withdrawal shares were close: 74.3% for PEPE and 69.9% for SHIB. In plain terms, roughly three of every four whale dollars moving PEPE across an exchange boundary were heading out, and a little under that for SHIB.

How concentrated was whale flow in each token?

This is where the two tokens differ most, and it changes how much weight each headline number can carry.

SHIB was the concentrated one. A single $4.68M withdrawal on October 5 accounted for 23.7% of every tracked SHIB whale dollar in the 30-day window, and the three largest moves together made up 42.5%. Put differently, SHIB’s month was a modest base of activity plus a few large exits from exchanges in early October. Take out that one withdrawal and SHIB’s net leaving exchanges would have been about $3.19M rather than $7.87M.

PEPE was broader. Its three largest moves made up 29.4% of the total, and they pointed in opposite directions. The single largest PEPE move was a deposit — $8.79M sent to an exchange on September 21 — yet the month still finished with $28.78M net leaving exchanges. That is a useful reminder that one big distribution-side move can sit inside a month that leaned the other way overall.

One shortened wallet, 0x487967…b7f9, appears in both top-three lists. It withdrew $4.41M and $4.26M of PEPE on October 2 and 3 and $2.30M of SHIB on October 2. Those three moves alone total $10.97M across the two tokens. When one wallet shows up near the top of both tokens’ lists in the same week, part of what looks like two separate stories is one wallet’s activity.

How many whales moved both PEPE and SHIB?

This is a number that price charts cannot show. Of the wallets on Deep Blue Alpha’s tracked list, 23 moved both PEPE and SHIB during the 30-day window. That is 48.9% of the 47 wallets that moved SHIB and 32.9% of the 70 wallets that moved PEPE. Across the two tokens there were 94 distinct wallets, so about one in four was active in both.

What it means: the large-wallet base for these two memecoins is not two separate crowds. Nearly half of the tracked wallets that touched SHIB this month also touched PEPE. Comparisons framed as “PEPE holders vs SHIB holders” miss that a meaningful slice of the whale activity in both comes from the same addresses, which helps explain why the two tokens’ exchange flow leaned the same direction in early October.

What it does not mean: moving a token is not proof of holding it. A wallet in the overlap could have withdrawn PEPE and deposited SHIB, or the reverse. The overlap measures shared activity, not shared conviction.

Did last week look like the week before?

PEPE’s direction held while its volume fell. Whale dollars moved dropped 62.8% week over week, from $19.78M to $7.36M, but the withdrawal share stayed above 90% in both weeks. The latest week had only $590.9K of PEPE deposited to exchanges against $6.77M withdrawn.

SHIB went the other way on direction. Its withdrawal share rose from 62.6% to 87.4% and net leaving exchanges more than doubled, from $2.02M to $4.89M. Most of that came from one move: the $4.68M withdrawal on October 5 was 71.6% of SHIB’s whale dollars for the latest week. Without it, the latest SHIB week was small.

What are PEPE and SHIB?

Pepe (PEPE) is an ERC-20 memecoin launched in April 2023, themed on the Pepe the Frog internet meme. It has no stated utility beyond being a community token. As of October 11, 2026 it traded at about $0.00000418 with a market cap of about $1.76B. Live whale flow: /token/PEPE.

Shiba Inu (SHIB) is an ERC-20 memecoin launched in August 2020 by a pseudonymous founder known as Ryoshi. Its ecosystem later added ShibaSwap, a DEX, and Shibarium, a layer-2 network. As of October 11, 2026 it traded at about $0.00000549 with a market cap of about $3.23B. Live whale flow: /token/SHIB.

Both are Ethereum-native, which is why Deep Blue Alpha sees both. For the wider memecoin picture, the Top 50 Ethereum memecoins ranked by whale activity places PEPE and SHIB against the rest of the sector, and Memecoins whales pulled off exchanges this week tracks the weekly version. The live board is at /whales/memecoins.

How to compare PEPE and SHIB whale flow yourself

The numbers above refresh monthly. To check the current picture between updates, the same comparison takes a few minutes on the live pages.

Step 1 — Open both token pages on the same window

Open /token/PEPE and /token/SHIB side by side and use the same time window on each. Mismatched windows are the most common error in head-to-head comparisons.

Step 2 — Read exchange direction

Compare dollars withdrawn from exchanges with dollars deposited, then compute net leaving exchanges and the withdrawal share. Leaving exchanges is the accumulation-side read; arriving is the distribution-side read.

Step 3 — Check breadth

Look at wallet counts and whale move counts. A big dollar figure from a handful of wallets describes those wallets, not the whole token.

Step 4 — Check concentration

Find the largest single moves and divide each by the window’s total. When one move is a fifth or more of the total, as SHIB’s October 5 withdrawal was, the headline is mostly that one wallet.

Step 5 — Confirm the flow type

Check the split between DEX swaps and exchange transfers. Only DEX swaps are purchases or sales. For memecoins on Ethereum the exchange side usually dominates; the exchange withdrawals vs DEX buys study explains why that distinction matters.

Step 6 — Scale by market cap and re-check weekly

Divide each token’s whale dollars by its market cap so a $3B token and a $1.8B token can be compared fairly, then compare the latest seven days with the seven days before.

Methodology

All whale figures are whale-scoped: they count only wallets on Deep Blue Alpha’s tracked whale list, about 21,880 Ethereum wallets at the time of this update. Exchange-flow rows are retained for 30 days, so the 30-day window (September 11 to October 10, 2026) is the longest consistent window available. All windows are in UTC. “Whale $ moved” is the sum of exchange withdrawals, exchange deposits and DEX swaps by tracked wallets. Prices, market caps, price changes and all-time-high distances come from CoinGecko at October 11, 2026, 18:30 UTC. Wallet addresses are shortened and are not attributed to any owner. This page is refreshed monthly; the “Updated” date above shows the last refresh.

Bottom line

Over September 11 to October 10, 2026, tracked whale activity in PEPE was larger and broader than in SHIB: $59.37M against $19.79M, 70 wallets against 47, and 3.38% of market cap against 0.61%. Both tokens leaned toward the accumulation side, with $28.78M of PEPE and $7.87M of SHIB net leaving exchanges. SHIB’s month leaned heavily on a single $4.68M withdrawal; PEPE’s was spread wider and included an $8.79M deposit that the rest of the month outweighed.

The overlap figure is the part most comparisons miss: 23 tracked wallets moved both tokens, nearly half of SHIB’s whale wallets. These are observations about past flow. What anyone does with them is a separate decision.

Related reading

Top 50 Ethereum Memecoins by Whale Activity

Where PEPE and SHIB rank against the rest of the Ethereum memecoin sector.

Memecoins Whales Pulled Off Exchanges This Week

The weekly view of which memecoins left exchanges in whale wallets.

PEPE Whale Report 2026

A single-token deep dive on PEPE whale wallets and their history.

How to Track Memecoin Whales on Ethereum

The step-by-step method for following large memecoin wallets with free tools.

UNI vs AAVE: Whale Flow Compared

The same head-to-head method applied to two DeFi governance tokens.

LINK vs ONDO: Whale Flow Compared

Oracle network vs tokenized treasuries, side by side on whale flow.

PEPE live whale data → SHIB live whale data → Memecoin whale board → Live whale feed → Whale wallet leaderboard →