PEPE
Pepe · Memecoin (Ethereum ERC-20)
Score qualifies for T3; held by Value engine 0 (needs 2), Adoption 0 (needs 2).
Key facts
- Circulating 420.69T, 100%
- Max 420.69T
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
A cleanly built memecoin whose value rests entirely on attention and liquidity. The contract is renounced and immutable with no mint path, 93.1% of supply went straight into a public Uniswap pool whose LP tokens were burned, and there was no presale or VC round; the weak point was the 6.9% team wallet, from which 16T was sold in Aug 2023 before the remaining member burned 6.9T, and 0.5% still sits in a team Safe. It trades ~$262M a day at the 30-day median, with derivatives larger than spot (Binance 1000PEPE perpetual ~$448M on Oct 23, 2026) and a sizable low-tier share, while use beyond trading is negligible. A pending US spot ETF (Canary, Cboe BZX, BitGo custody) is the main structural change in view.
How value reaches holders
None by design: PEPE is a renounced, fixed-supply ERC-20 with no transfer tax, fee, staking or buyback, so holders rely entirely on market demand. The only material supply reduction was a one-off burn of 6.9T PEPE (1.64%) from the team's CEX wallet on Oct 23, 2023, two months after 16.05T (3.8%) left that wallet for OKX, Binance and Bybit on Aug 24, 2023; voluntary burns since are small (~0.16B PEPE to 0xdead in the trailing year)
Score anatomy
Demand
0 / 45: the stronger of two routes, plus adoptionWhy would anyone hold it: does value reach the token, and is the network or product used today?
Nothing reaches holders by design: no fee, tax, staking or buyback exists in the contract; the 6.9T team burn of Oct 23, 2023 was a one-off, not a flow
Nothing reaches holders by designhigh confidenceHow this is scored
No protocol and no realized revenue: the token has no fee mechanism and no product earning fees
Under $0.5M/yr, or emissions-subsidized onlyhigh confidenceHow this is scored
Trading only: no gas role, not an Aave v3 Ethereum reserve; the ~$1.04M posted as collateral on Morpho (0.05% of market cap) is leverage, not measurable monetary use
Trading onlymedium confidenceHow this is scored
The token is the product: no protocol, fees or payment use
No product use: the token is the product, or the network or product is not live or sits idlehigh confidenceHow this is scored
Two routes, the stronger counts
Soundness
34 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
_mint runs only in the constructor and owner() has read zero since Apr 14, 2023 (no proxy), so 420.69T is a hard ceiling that burns (6.92T at 0xdead) only reduce
Hard cap or net deflationary by protocol rule, under 1%/yr gross growth, and nobody can mint past the cap or change the schedule short of a hard fork node operators adopthigh confidenceHow this is scored
No vesting or scheduled unlocks: ~2.12T (0.5%) sits in a 3-of-4 team Safe with no schedule, and 2.52T is permanently frozen in one wallet blacklisted at launch
Fully vested, no scheduled unlockshigh confidenceHow this is scored
Insiders got 6.9% (29.03T team CEX wallet) at no cost; no presale or VC round, 93.1% seeded a 2 ETH Uniswap pool whose LP tokens were burned; the team Safe now holds 0.5%
Insiders received 2-10%, no organization directing over 3%high confidenceHow this is scored
Immutable Ethereum ERC-20: owner renounced, no proxy, so nobody can pause, upgrade or blacklist; the one wallet blacklisted minutes after trading opened stays frozen
Attack cost $1-10B, and 2+ independent production clients or a single client with 10+ years without a consensus failure; or immutable core contracts with no admin power over funds or fees on a base layer scoring 5high confidenceHow this is scored
Durability
8 / 15Is it big, proven and reachable by institutions?
$2.1B market cap (band 4), $261.7M/day median volume (band 4), no flags.
Major: $1-10B market cap and $50M/day+How this is scored
Launched Apr 14, 2023 (3.5 years); fell ~92% from the Dec 2024 high to the Jul 2026 low; the Aug 2023 sale of 16T from the team wallet was not an exploit
3-5 years, or a rollback, coordinated chain-wide halt or restart, or a $50M+ exploit in the last 5 yearshigh confidenceHow this is scored
Top-tier spot (Binance, Coinbase, Robinhood, Kraken, Upbit), Coinbase Derivatives 1000PEPE futures, Valour SEK ETP; Canary PEPE ETF S-1/A filed Oct 2, 2026, not effective
OTC trust, non-US product, or a pending US filinghigh confidenceHow this is scored
What would move it up
To reach T3 Mixed, 2 gates are still open:
- Value engine 0needs 2(open)
- Adoption 0needs 2(open)
- Score 42gate 40(met)
- Supply 5gate 1(met)
Tier outlook · next trigger Apr 14, 2028
Could move up ↑medium likelihood
- Canary PEPE ETF effectiveness and assets (S-1/A Oct 2, 2026, Cboe BZX, BitGo custody): a live US spot ETF lifts access to 3
- Five years since launch on Apr 14, 2028 lifts track record to 3 (an 80%+ drawdown is already behind it)
- The 3-of-4 team Safe 0x3100...cbdd (~2.12T) and large transfers from early unlabelled wallets (13.7T, 8.05T)
- Collateral use at third-party venues: ~$1.04M on Morpho in Oct 2026; tens of millions would support usage 2
- Spot vs derivatives mix and the low-tier venue share of reported volume
Research report
Oct 23, 2026 · source confidence 82%Pepe is an Ethereum memecoin launched in April 2023 with a deliberately minimal design. The contract created 420.69 trillion tokens once, its owner role was renounced on launch day, and there is no proxy, so no one can mint more, freeze balances or change the code. At launch 93.1% of supply was paired with 2 ETH in a public Uniswap pool and the pool tokens were burned; there was no presale or private round. The remaining 6.9% sat in a team wallet meant for exchange listings, and in August 2023 about 16 trillion tokens from it were sold through exchanges, after which the remaining team member burned 6.9 trillion. About 2.1 trillion, or 0.5% of supply, still sits in a team multisig. Holders receive no fees, burns or yield, and use beyond trading is negligible: about $1 million of PEPE is posted as collateral on Morpho. Trading is deep, around $262 million a day at the 30-day median, though perpetual futures and smaller venues account for much of it. Access runs through major exchanges, regulated futures on Coinbase Derivatives and a Swedish exchange-traded product, and a US spot fund from Canary Capital has been filed but is not yet effective.
Structure (15 facts)
- Chain
- Ethereum ERC-20 (PepeToken, solc 0.8.0, OpenZeppelin Ownable plus ERC20, verified source, no proxy); bridged copies on BNB Chain and other chains
- What it is
- memecoin; no product, protocol or fee mechanism
- Genesis
- Deployed 2023-04-14 14:51 UTC by 0xfbfe...8c9a (funded with 2.2 ETH), minting 420.69T: 29.03T (6.9%) to the team EOA 0x92fb...23e5 at 16:20 and 391.66T (93.1%) plus 2 ETH into the PEPE/WETH Uniswap V2 pool (0xa43f...ec9f) at 17:21; the 27.99M LP tokens went to the PEPE token contract at 20:37, where they are irrecoverable. Trading opened at 19:46 under a 0.84T-2.52T per-wallet buy window, one sniper wallet (0xaf23...4534, 2.52T) was blacklisted at 19:54, and limits were lifted and ownership renounced at 21:07-21:08 (tx 0x91c9...f252). No presale, no VC round
- Team wallet
- the 29.03T EOA paid out ~2.29T on 2023-04-18/19 (recipients unlabelled), then moved 26.74T to a Safe v1.3.0 (0x5bde...e9ba, 8 owners) on 2023-05-04. On 2023-08-24 its threshold went from 5 to 2 and 16.05T (3.8%) left via 0xa34b...2ea0 for OKX, Binance and Bybit (the Canary S-1/A attributes this to three former team members). The remaining 10.70T moved to EOA 0x9f5e...087f on 2023-08-26: 6.9T was burned to 0xdead on 2023-10-23, ~0.59T swapped or sent to Binance, and 3.21T moved on 2023-12-22 to a 3-of-4 Safe (0x3100...cbdd) that holds 2.12T (0.50%) on 2026-10-23 and pays out small amounts (last 2025-12-22)
- Supply on chain
- totalSupply() 420,689,899,644,076 (100.4M removed via burn()); 6.92T (1.64%) at 0x...dEaD; 2.52T (0.60%) frozen in the blacklisted wallet; 3.23T in the original Uniswap V2 pool; CoinGecko counts the full 420.69T as circulating
- Mint authority
- none: _mint only in the constructor; owner() returns the zero address since 2023-04-14, so blacklist() and setRule() can never be called again; limited reads false (eth_call 2026-10-23)
- Market cap (approx)
- $2,117,000,000
- Holders
- ~597K holder addresses (Ethplorer). Excluding 0xdead, the frozen wallet and the pool, labelled exchange and custody wallets hold roughly half of the ~411T float (Binance Hot Wallet 20 alone 45.9T, 10.9% of supply); a Robinhood-funded EOA holds 25.9T; the largest unlabelled holders have 13.74T (3.3%, an active EOA since 2024), 8.05T (1.96%, never sent a transaction), 6.18T and 6.18T
- Value accrual
- none by design: no transfer tax, fee, staking or buyback; the 2023 team burn was a one-off; voluntary burns ~0.16B PEPE to 0xdead in the trailing year
- Revenue
- none
- Liquidity
- 30-day median ~$262M/day (CoinGecko daily series); 2026-10-23 spot ~$590M across ~170 tickers on a +12% day, incl. FameEX $211M (low-tier), Binance PEPEUSDT $83.5M, OKX $34.9M, Upbit $9.6M, Coinbase ~$8.7M; Binance 1000PEPE perpetual $448M/day, open interest ~$110M
- Institutional access
- Canary PEPE ETF (Cboe BZX, BitGo Bank & Trust custodian, CoinDesk PEPE benchmark): S-1 filed 2026-04-08, pre-effective amendment 1 on 2026-10-02, not effective; CFTC-regulated 1000PEPE perpetual-style futures on Coinbase Derivatives; Valour Pepe SEK ETP (CH1108681615); spot at Binance, Coinbase, Robinhood, Kraken, Upbit and OKX
- Usage
- no monetary role found: no gas role, not an Aave v3 Ethereum reserve; ~$1.04M posted as collateral in Morpho markets on Ethereum (2026-10-23), about 0.05% of market cap
- Incidents
- 2023-08-24 team-wallet sale described above (price fell ~16% in the following 24h per the Canary filing); no contract exploit
- Provenance gaps
- identity of the 3-of-4 Safe signers and the remaining team member; whether launch-window buyers were linked to the team (one sniper was blacklisted, others bought 0.2-0.6% each under the buy window); recipients of the ~2.29T paid out from the team EOA in Apr 2023
Market figures at report date (Oct 23, 2026)
- Price (approx)
- $0.00000503
- All-time high / low
- 0.00002803 (2024-12-09, CoinGecko); about -92% from the Dec 2024 high to the Jul 2026 low (Binance monthly); -27% over 1y
Sources (14)
- etherscan.io/address/0x6982508145454ce325ddbe47a25d4ec3d2311933
- etherscan.io/token/tokenholderchart/0x6982508145454ce325ddbe4…
- etherscan.io/tx/0x91c9a6caf8e7b5419a7e597982a0cf9b4fc01413279…
- etherscan.io/tx/0xb162f87a3f4eb22f06573049967187fedbcd33a34a9…
- etherscan.io/tx/0x273894b35d8c30d32e1ffa22ee6aa320cc9f55f2adb…
- etherscan.io/address/0x5bdea820293689b77fa8e83b1e3d58b27b5ce9ba
- etherscan.io/address/0x9f5e46e4990dee30665b2e803ba134564d1e087f
- etherscan.io/address/0x310039f661e9fbd3518d2820221ed135fc99cbdd
- theblock.co/post/247297/pepe-memecoin-drops-18-amid-large-on-…
- sec.gov/Archives/edgar/data/2109686/000199937126022017/canary…
- valour.com/en/products
- api.coinbase.com/api/v3/brokerage/market/products
- blue-api.morpho.org/graphql
- coingecko.com/en/coins/pepe
Compare with
How the ranking works and how PEPE compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=PEPE