Crypto: Would Justin Sun be the largest holder of PEPE with $51 million?

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The reported movements concern two exits from Poloniex in October, valued at $28.44 million and $20.32 million respectively. The press also reports these amounts and describes transfers involving 7,200 billion then 4,650 billion PEPE, or approximately 11,850 billion tokens.

Meanwhile, according to the Wu Blockchain account, wallets already labeled in Justin Sun's name allegedly sent $77 million in stablecoins to Poloniex between October 15 and 25. Some PEPE would previously have circulated between Binance, HTX and Poloniex.

However, these flows do not constitute a complete accounting of the operations carried out on the exchange. Stablecoin deposits cannot be automatically reconciled with PEPE withdrawals. Their difference therefore demonstrates neither a missing amount nor a balance devoted to other purchases.

Likewise, a withdrawal does not prove a purchase at the time of transfer. It may concern assets acquired previously, a conservation operation or a reorganization of portfolios. Valuations in dollars also depend on the price used during the observation.

Finally, the labels of an analytics platform allow you to offer attribution, but they do not replace confirmation from the owner. The classification of Justin Sun as the first individual holder therefore depends on the reliability of these reconciliations and the scope of the addresses identified.

The official PEPE website displays an offering of 420,690 billion tokens. A participation of 2.82% thus corresponds to approximately 11,863 billion PEPE, an order of magnitude consistent with the volumes reported.

The project also assumes its positioning: its warning indicates that the token has no intrinsic value and that it is intended for entertainment. Holding PEPE therefore does not give right to company profits or reimbursement of a reserve.

Such an important position deserves attention, but its theoretical valuation does not necessarily represent the amount recoverable in a sale. This depends on the depth of the markets, available demand and the pace of execution.

Blockchain makes balances and transfers visible. It does not systematically reveal the economic beneficiary, the acquisition price or the intention of the holder. In this case, the reported concentration is a signal to be examined, not proof of a confirmed personal bet by Justin Sun.

An editorial article. Le Journal du Coin, the first French-speaking news media on cryptocurrency, Bitcoin, and blockchain protocols.

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Machine-translated from French