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Following
PEPE 
SHIB PEPE's single-day net outflow was 4.54 trillion coins, the largest in recent times.
According to the latest data from Sanitation, PEPE recorded a net exchange outflow of 4.54 trillion coins in a single day, which is the largest single-day outflow of the memin coin since November 14, 2024. Fewer tokens on exchanges mean less immediate selling pressure.
Exchange outflows intensify
Sanitation's research points out that PEPE has basically maintained a sideways trend in the past two months. Recent market comments have focused mostly on the rotation of miniin, weak funding and support testing, rather than on any specific catalyst for major projects. The analyst said that when a relatively calm memo sees tokens flowing out of the exchange when trader interest is low, bullish holders may view it as supply is shifting to firmer hands before attention returns.
In addition, according to data, PEPE still ranks at the top of the Ethereum ecosystem by number of addresses held. Currently, a total of 571,613 wallet addresses hold the token. It is second only to Shiba Inu Coin (SHIB), which is the memin coin with the largest number of addresses held on Ethereum. In fact, SHIB is held by 1,678,653 independent wallet addresses.
Institutional interest emerges
Institutional interest has also emerged. Canary Capital filed an S-1 form with the Securities and Exchange Commission in April to launch a spot ETF linked to the asset. The proposed fund, called the "Canary PEPE ETF", will track real-time market prices of PEPE. The application document states: "In addition to its brand image and association with meme culture, PEPE has no clear blockchain-based practicality, and its market value is mainly driven by cultural relevance and online community sentiment. There is no guarantee that interest or demand for PEPE will continue to grow or be maintained."
Some market observers believe there is still room for upside. Cryptocurrency analyst Rafaela Rigo predicts that the asset could achieve a return of 3 to 5 times in the next bull cycle. The trader set a target price of approximately $0.0000143, which means an increase of approximately 400% from the current level of $0.000028.
Liquidity trap
At the same time, memin continues to cause divisions in the cryptocurrency market. Last month, veteran cryptocurrency trader Ogle warned that these limited liquidity assets could collapse within minutes if a few large players decided to sell. Taking CASHCAT's recent price movements as an example, Ogle said that many traders often mistake unrealized gains for locked profits. He added that insufficient liquidity, concentration of positions and leveraged trading can quickly turn sharp increases into sharp declines, especially after perpetual contracts are launched, where volatility is amplified and triggered liquidation.
