PEPE Whale Report: 83 Wallets, $57.7M Volume, 59.1% Accumulation — the Most Balanced Memecoin Flow [Live 2026]

PEPE is an ERC-20 memecoin launched in April 2023, inspired by the Pepe the Frog internet meme. It carries no governance rights, no protocol revenue, no staking mechanism, and no product utility. Its value is entirely a function of community attention and speculative demand. On 20 September 2026 it traded at approximately $0.00000399 with a market capitalisation of about $1.68 billion, up 16.9% over seven days and 3.2% over thirty, but roughly 85.8% below its all-time high of $0.00002803 reached on 9 December 2024.

This is the sixth issue of the token whale report series. The first five covered protocol tokens — MORPHO, PROM, AAVE, ENA, and DEXE — each with utility narratives, governance functions, or product mechanics that give whales structural reasons to hold. PEPE has none of those, and that is precisely why it belongs in the series. It tests what the same measurements reveal when the utility layer is stripped away entirely.

Why memecoins read differently

When a whale wallet withdraws AAVE from an exchange, the action is ambiguous. The wallet might be positioning for price appreciation, but it might also be moving tokens into a governance contract, staking for yield, or participating in a safety module. The withdrawal is a fact; its purpose is not observable.

When a whale wallet withdraws PEPE from an exchange, one of those explanations disappears. There is no governance to participate in, no staking to earn, no protocol function that requires holding the token on-chain. The remaining explanations are a directional view on price, a decision to hold outside exchange custody for security reasons, or movement between wallets under the same entity’s control. The list is shorter.

This does not make memecoin flow data more predictive. It makes it less ambiguous about what the wallet is not doing. A withdrawal still does not confirm a purchase, and a deposit still does not confirm a sale. But the range of alternative explanations is narrower, which changes how the numbers should be read.

That narrower range is the analytical value of including a memecoin in a series built around protocol tokens. Same measurements, fewer confounding variables.

The flow picture

The 59.1% accumulation share describes a market where roughly six dollars left exchanges for every four that arrived. That is a measurable lean toward the accumulation side, but it is not overwhelming. For comparison, ENA recorded a 62.3% ratio and DEXE showed 52.4% — making PEPE the most balanced reading in this series while carrying a higher absolute net flow than either of those two tokens.

The gross volume of $57.7 million across 629 moves gives an average move of approximately $91,700 — large by any standard, and significantly above DEXE’s $7,742 average. These are not retail-sized transactions.

The drawdown context

The 85.8% drawdown from the December 2024 all-time high is the deepest of any token covered in this report series. DEXE sat 95.3% off its ATH, but DEXE’s all-time high occurred in a different era of its token economics. PEPE’s ATH is recent — less than two years ago — and was driven by the same memecoin cycle that participants would still remember clearly.

Exchange flow that leans net positive during a deep drawdown is an observation, not a thesis. It describes wallets that withdrew more PEPE from exchanges than they deposited while the price sat far below prior highs. That pattern is consistent with wallets positioning for a recovery. It is also consistent with wallets moving tokens to cold storage after losses, or with custodial reshuffling that has nothing to do with a directional view. The data records the action; it does not confirm the intent.

Scale in absolute terms, modest in relative terms

The +$10.5 million net flow is meaningful in isolation. It is the second-largest net flow in this report series in absolute terms, behind only ENA’s +$19.24 million. But scale it against the market capitalisation and the picture changes.

PEPE’s 0.63% is the lowest flow-to-mcap ratio in the series, lower even than AAVE’s 0.52% when AAVE’s much larger market cap is considered in conjunction with its proportionally larger flow. This is not a criticism of the data. It is a consequence of measuring a $1.68 billion token with the same methodology built for tokens one-twentieth that size. The flow is real; its weight relative to the float is modest.

For protocol tokens, a low flow-to-mcap ratio is easy to explain — the token serves functions beyond speculation, so a large share of supply is locked, staked, or functionally committed. For a memecoin with no such functions, the explanation is different: the float is simply very large, and the tracked whale population of 83 wallets is a thinner slice of total holders than the protocol tokens attracted.

Supply: fully circulated, no dilution

PEPE’s circulating supply is 420.69 trillion tokens, which equals its maximum supply. One hundred percent of the token’s supply is already in circulation. There are no team allocations to vest, no foundation treasury to unlock, no inflationary issuance schedule, and no governance mechanism that could change this.

This is worth an explicit note because it removes an entire category of ambiguity that complicates flow analysis on protocol tokens. When ENA shows a net inflow, part of the explanation could be newly unlocked tokens entering the market for the first time — a supply event rather than a holder decision. When PEPE shows a net inflow, that explanation does not apply. Every token in circulation today was in circulation yesterday, and the same will be true tomorrow.

Full circulation also means there is no future dilution risk. The supply that exists now is the supply that will ever exist. For holders evaluating whether whale flow represents conviction or exit liquidity, the supply schedule is one fewer variable to account for.

Turnover: healthy, not extreme

PEPE’s 24-hour trading volume of $350 million against a $1.68 billion market cap produces a turnover ratio of approximately 20.8% — meaning roughly a fifth of the market cap changed hands in a single day.

A turnover ratio of 0.21 is a liquid market with active trading but no indication of distress or mechanical churn. Compare this to DEXE’s 1.13 — where the entire market cap traded in a single day, at which point flow figures describe activity more than positioning. PEPE’s ratio suggests that the tracked whale flow is describing positioning within a functioning market, not noise inside a churning one.

Note, however, that PEPE’s absolute 24-hour volume of $350 million is the largest in this series by a factor of nearly two. The market is enormous. The whale flow Deep Blue Alpha tracks is a view into 83 wallets within that market — meaningful as a sample, not representative of the whole.

83 wallets in a $1.68 billion market

The participant count deserves its own discussion, because it shapes how much weight the flow data can carry.

PEPE has the fewest tracked whale wallets in the series by a wide margin — 83 against AAVE’s 1,045 and ENA’s 663. But its per-wallet average of $695,000 is the highest. Fewer participants are carrying more weight per wallet.

This concentration of activity in a small number of large wallets is structurally different from the broad-based participation seen in protocol tokens. AAVE’s 1,045 wallets include governance participants, stakers, yield farmers, and speculators — a diverse set of motivations producing a wide distribution of wallet sizes and behaviours. PEPE’s 83 wallets are, by elimination, primarily directional. The narrower the participant base, the more the aggregate flow reflects individual decisions rather than emergent market behaviour.

This is a feature of the data, not a flaw. It means the +$10.5 million net flow is attributable to a small set of large actors. Whether that increases or decreases confidence in the signal depends on your framework — a concentrated accumulation-side read from 83 large wallets can be read as informed positioning or as fragile consensus that a handful of exits could reverse.

PEPE against the rest of the series

Several patterns emerge from the comparison.

Every token in the series showed net positive exchange flow. Six for six, the tracked whale wallets withdrew more than they deposited. The accumulation shares range from 52.4% (DEXE) to 76.2% (PROM), all on the same side. Whether this says something about the current moment or about the selection of tokens that attract this kind of analysis is an open question the data cannot answer.

PEPE has the deepest recent ATH drawdown at 85.8%. Only PROM (−87.3%) and DEXE (−95.3%) are deeper, but both have all-time highs from earlier market eras. PEPE’s ATH was December 2024 — recent enough that participants remember the level and what it felt like to hold through the decline.

PEPE has the fewest participants and the highest per-wallet volume. The flow picture is driven by fewer, larger actors than any protocol token in the series. This makes it simultaneously more legible (fewer wallets to monitor, clearer individual signals) and more fragile (a reversal by a handful of wallets could flip the aggregate).

What the absence of utility reveals

Five reports into this series, a pattern had developed: each protocol token’s flow analysis came with a paragraph explaining why the whale might have moved tokens for reasons unrelated to price. AAVE wallets might be staking. MORPHO wallets might be entering lending vaults. ENA wallets might be positioning for Ethena shard campaigns. DEXE wallets might be operating on behalf of delegated pools.

PEPE strips that paragraph away. There is no staking, no governance, no yield, no delegation, no product function that requires holding the token on-chain. When 83 wallets collectively withdrew $10.5 million more PEPE from exchanges than they deposited, the plausible explanation set is: they wanted to hold outside exchange custody, or they wanted exposure to the token’s price.

That simplicity is analytically useful. It provides a baseline for comparison. If PEPE’s 59.1% accumulation share — on a token with no utility overlay — is roughly similar to AAVE’s 53.7% or MORPHO’s 56.5%, then either the utility-driven wallets on those protocol tokens behaved similarly to pure speculators, or the utility actions (staking, governance) were a minor share of total flow. Either way, the comparison tells us something the protocol token data alone could not.

Exchange transfers, not purchases

Every figure in this report describes exchange transfers: tokens withdrawn from or deposited to centralised exchanges. A withdrawal removes tokens from immediately sellable exchange inventory. A deposit adds them. Neither is itself a purchase or a sale.

Deep Blue Alpha labels withdrawals as accumulation-side and deposits as distribution-side — a heuristic. Coins leaving exchanges are less immediately available to sell, which is a read consistent with holding or accumulation intent. Coins arriving at exchanges are more immediately available to sell, consistent with distribution intent. This heuristic is directionally useful and not literally precise. It is stated explicitly because the PEPE market in particular carries a culture of describing exchange flow as “whales bought” or “whales dumped” — descriptions that overstate what the data records.

Sitewide across all tokens Deep Blue Alpha tracks, the activity mix has been approximately 97% exchange transfers and 3% DEX swaps. This report reflects that composition. The flow described here is almost entirely movement between exchange wallets and non-exchange wallets, not decentralised exchange swaps.

A method for memecoin flow

1. Strip the utility overlay. If the token has no staking, governance, yield, or product function, say so explicitly. It narrows the plausible explanations for why tokens moved and makes the remaining explanations more informative.

2. Check the supply structure. 100% circulated means no dilution, no unlock schedule, and no ambiguity about whether inflows are new supply or existing holders. Protocol tokens rarely have this clarity.

3. Scale net flow against market cap. +$10.5 million is significant at $81 million (DEXE’s scale). At $1.68 billion it is 0.63% of float. Always compute the ratio before drawing conclusions about the weight of the flow.

4. Count participants. 83 wallets carrying $695,000 each is a different market structure from 1,045 wallets at $531,000 each. Fewer participants means more sensitivity to individual wallet decisions.

5. Read accumulation share in context of the drawdown. A 59.1% accumulation share at 85.8% off ATH is a different observation from a 59.1% accumulation share at an all-time high. State both facts. Resist the temptation to narrate one into a consequence of the other.

6. Check turnover. Below 0.25, the market is liquid but not hyperactive, and flow figures plausibly describe positioning. Above 1.0, the churn itself dominates and flow figures describe activity rather than conviction.

What this data cannot tell you

Whether the wallets are right. An accumulation-side lean from 83 large wallets during a deep drawdown has two equally valid readings: informed positioning by actors who have done this before, or conviction that has not yet been tested by a further decline. Past behaviour of tracked wallets is not predictive of future price movements.

Who these wallets are. Eighty-three is a count of addresses, not a count of people or entities. One operator may control several addresses. The wallet count is an upper bound on decision-makers, not a measurement of them.

Whether the accumulation share will hold. At 59.1%, the lean is mild enough that a single large wallet depositing to an exchange could flip it. This is observably different from PROM’s 76.2% where far more wallets would need to reverse for the aggregate to change.

Where PEPE goes from here. This report describes activity that already happened. The flow is backward-looking, the price data is a snapshot, and neither constitutes a view on what follows. That caveat applies to every issue of this series; it applies more forcefully to a memecoin, where the price is set entirely by sentiment and sentiment is not a quantity anyone can measure in advance.

Why this series needed a memecoin

Five issues of protocol-token flow analysis had produced a useful body of comparative data: transfer frequency spectrums, concentration curves, dispersion counts, turnover ratios, and the recurring observation that flow direction and price direction are independent measurements. Each of those tools was built to handle ambiguity — to separate what the data shows from what the data might mean.

A memecoin stress-tests those tools differently. Not by being harder to analyse, but by being easier. With no utility overlay, the remaining ambiguity is smaller. The wallet moved PEPE off an exchange. There is no staking contract that might explain it, no governance vote that might require it, no yield programme that might incentivise it. The move is what it appears to be, or it is a custodial shuffle. The range of interpretations is short.

This simplicity makes PEPE a useful reference point for the rest of the series. When AAVE’s 53.7% accumulation share arrives alongside a governance proposal, or MORPHO’s 56.5% arrives alongside a vault incentive programme, the question is always: how much of this flow was utility-driven and how much was directional? PEPE provides the directional-only baseline against which those questions can be calibrated. Not answered — but calibrated.

The data says that 83 tracked whale wallets withdrew $10.5 million more PEPE from exchanges than they deposited, at a price 85.8% below the all-time high, in a fully circulated token with no product utility. Every number in that sentence is verified and past-tense. What it means is for the reader to determine.

The bottom line

Deep Blue Alpha tracked 83 whale wallets moving $57.7 million in PEPE as of 20 September 2026. Exchange withdrawals totalled $34.1 million against $23.6 million in deposits, producing a net of +$10.5 million at a 59.1% accumulation share — the most balanced reading in this series, and the first on a token with no utility overlay.

PEPE traded at $0.00000399, roughly 85.8% below its December 2024 all-time high of $0.00002803. Its entire supply of 420.69 trillion tokens was in circulation, with no unlocks or inflation ahead. The 24-hour volume of $350 million on a $1.68 billion market cap gave a turnover ratio of 0.21 — liquid, not churning.

The number worth carrying is 0.63% — net flow as a share of market cap. Against PROM’s 12.3% and DEXE’s 5.0%, it is a reminder that absolute dollar figures need a denominator. And the 83-wallet participant count, the smallest in the series, is a reminder that the flow reflects a concentrated group of large actors, not a broad market movement.

Six issues in, the series has now covered a spectrum from block-transfer whales (MORPHO) to high-frequency movers (DEXE), from broad participation (AAVE) to concentrated (PEPE), from protocol tokens with complex utility to a memecoin with none. The measurements stay the same. What changes is how much each measurement can carry.

Methodology & limitations. Figures derive from Deep Blue Alpha’s tracked-wallet database covering 20,000+ Ethereum whale wallets, queried 20 September 2026. Flow is exchange withdrawals and deposits, labelled separately from decentralised exchange activity. Market data via CoinGecko, 20 September 2026. Comparison figures for MORPHO, PROM, AAVE, ENA, and DEXE use their respective report windows. Wallet identifiers are withheld in this public edition. This covers wallets Deep Blue Alpha tracks, a subset of all PEPE holders — not a complete census of the token’s ownership. PEPE is a memecoin with no product utility; nothing in this report constitutes an endorsement of its value proposition.

Related reading

MORPHO Whale Report

Issue one: the low-frequency extreme — six wallets, eight transfers.

PROM Whale Report

Issue two: same concentration, opposite transaction behaviour.

AAVE Whale Report

Issue three: one wallet exceeded the market's net result by 3.2 times.

ENA Whale Report

Issue four: the largest inflow measured, with a minority of wallets buying.

DEXE Whale Report

Issue five: 596 transfers to reach $1.85 million — the high-frequency extreme.

DeFi Yield Whale Activity

Where large wallets positioned across lending and yield protocols.

Live PEPE whale flow → All tracked tokens → Whale wallet leaderboard → Daily whale reports → More token deep dives →