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HBAR 
PEPE 
SEI 
SOL 
XRP Ethereum-based memin Pepe ($PEPE) is regaining the attention of large chain players and institutional investors, as reduced exchange supply and formal ETF applications combine to drive new momentum.
Whales withdraw tokens from exchanges
PEPE is currently ranked 45th by market value, with 24-hour trading volume accounting for approximately 24.2% of market value, reflecting the healthy liquidity of this memecoin asset.
On-chain data shows that at the top of the holder distribution, there are signs of deliberate accumulation. The supply of PEPE held on exchanges fell by approximately 1.45 trillion pieces, while the holdings of top non-exchange wallets increased by approximately 3.54 trillion pieces over the same period.
Large exchange outflows often indicate that holders are transferring tokens to private wallets rather than remaining on the exchange waiting to be sold, thereby reducing the amount of liquid supply that could cause short-term price pressure.
On-chain analytics firm Sanitation recorded seven PEPE transactions worth more than US$1 million in a single day, the highest number since mid-March. The token also has one of the broadest retail bases on Ethereum, with approximately 571,613 wallets currently holding the asset.
Data from Nansen shows that the top 100 PEPE addresses increased their holdings by 6.07% in 30 days and currently control approximately 85.97 trillion tokens. Nansen also pointed out that Smart Money's holdings increased by 307% over the same period.
Canary Capital submits spot PEPE ETF application to SEC
Digital asset management company Canary Capital has officially filed its first spot Pepe ETF application with the U.S. Securities and Exchange Commission (SEC). The proposed fund will directly hold Ethereum-based memecoin with a structure similar to existing spot cryptocurrency ETFs. According to the application documents, shares will be sold or redeemed in a basket of 10,000 shares.
Canary Capital already manages multiple cryptocurrency ETFs that track XRP, Solana, HBAR and SEI. In its application, the company acknowledged that U.S. regulations surrounding PEPE and Ethereum networks are "still evolving," which could affect demand. Whether the SEC will approve such volatile assets remains a major question for investors.
Overall, declining exchange supply, concentrated whale accumulation, continued trading volume and formal ETF applications have combined to create a compelling active background, especially for a memecoin that is still well below its all-time high. Whether this translates into continued price movements will depend on the broader market environment and whether regulatory decisions are coordinated.
