Originally published at mrnasdog.com/research/pepe/inflation by MrNasdog.
PEPE is a fixed 420.69T ERC-20 meme coin on Ethereum with no mint function, no transfer tax, no protocol burn, and no team allocation. The Pressure Framework reads 0.00% net inflation over the trailing 90 days against a monitor reading of −0.07% — a structurally flat supply where, whatever moves the price, it is not supply.
The verdict, in one paragraph
For the 90-day window the framework books PEPE at 0.00% net: nothing mints, nothing burns at the protocol level, and no team unlock fired. The inflation monitor reads −0.07% over the same window, a gap of just 0.07 percentage points — well inside the 0.5-point tolerance, so no ⚠ chip is raised. PEPE is a quiet, fully-circulating meme coin: its supply ledger is inert by design.
Sell pressure: where new PEPE comes from
Nothing creates new PEPE. Protocol inflation is zero — the full 420.69T was hard-coded at the April 2023 deployment and the contract has no mint function. Vesting unlocks are zero: PEPE launched with no team allocation and no investor cohort, with 93.1% of supply sent to the launch liquidity pool whose LP tokens were burned. Foundation and unscheduled unlocks are zero this window — the only identified team-controlled bucket is the launch multisig (the 6.9% reserved for exchange listings and bridges), and no release was observed. Bankruptcy is zero — there is no estate.
Buy pressure: where new PEPE goes
The buy side is empty by design. Programmatic buyback is zero — PEPE has no protocol generating fees, so there is no revenue to fund a buyback. Protocol fee burn is zero — the contract carries no transfer tax and no burn function; community burn campaigns (a "$1B cumulative" community initiative) are sporadic third-party sends, not a protocol mechanism, so they are monitored rather than booked. Foundation buy is zero — there is no foundation; the project is community-run. New long-term lock is zero — PEPE has no staking and no lockup mechanism.
Foundation and overhang
PEPE carries one team-controlled overhang: the launch multisig holding the 6.9% genesis allocation reserved for centralized-exchange listings and bridges — roughly 29T at genesis, partially deployed over the years. It has no published release schedule and is walked bi-weekly. If the multisig's balance falls between refreshes, the outflow enters Sell #3 at the next refresh. There is no foundation treasury beyond this — half the conceptual "team" structure that most tokens carry simply does not exist for PEPE.
The monitor's −0.07% reading is worth reading correctly: it is not a burn the framework failed to credit, and it is not new supply — PEPE has no mechanism that could create tokens. A 284B decrease against a 420.69T float is roughly six-thousandths of one percent of supply, well within the noise of how an aggregator counts wallets at the margin between circulating and non-circulating. The framework books 0.00% because no protocol mechanism moved supply; the monitor's tiny negative is upstream measurement drift plus the occasional sporadic community burn, neither of which represents a structural flow worth booking.
How PEPE compares to other meme coins
Among large meme coins, PEPE is the cleanest fixed-supply case. Shiba Inu shares the no-mint, community-run structure but adds active burn routes (an L2 gas-to-burn, swap-fee burns) — though those have collapsed to an immaterial pace against its enormous float, leaving SHIB's reading flat too. Dogecoin runs the opposite model: an uncapped tail emission of fixed coins per block, which makes DOGE mildly but perpetually inflationary where PEPE is fixed. PEPE's 420.69T is hard-coded and unchangeable, so its supply trajectory is the flattest of the three.
The mechanism that defines PEPE is the absence of mechanism: no tax, no burn, no mint, no vesting, no foundation. That makes it a pure float-and-demand asset — the framework has nothing to model on the supply side because the supply side does nothing. Whatever drives PEPE's market is sentiment and liquidity, not tokenomics.
What to watch in the next 90 days
Little is scheduled. The one structural watch line is the launch multisig — a large deployment of the exchange/bridge reserve would register as Sell #3 at the next refresh. A community burn campaign reaching a scale that dents a 420T float would move the buy side, but historically these have been immaterial. Absent either, the framework reading stays at 0.00% net. There is no emission schedule, no halving, and no vesting cliff that could change the picture on a calendar.
A fair question is why a fixed-supply meme coin needs an inflation analysis at all. The answer is that the framework's job is to certify the zero, not assume it: a token can claim a fixed supply while quietly running a transfer tax, a discretionary mint, or a large team unlock that the headline cap hides. For PEPE the framework checked each — no mint function in the contract, no transfer tax, no vesting cliffs, no foundation treasury — and confirmed the only team-controlled bucket is the 6.9% launch multisig. The reading of 0.00% is therefore an audited result, not a default: PEPE genuinely has nothing on either side of the supply ledger, and that certainty is itself the finding.
Summary
PEPE is a fixed 420.69T ERC-20 meme coin with no mint, no tax, no burn, no team and no foundation, so the Pressure Framework reads 0.00% net inflation against a monitor reading of −0.07% — a 0.07-point gap, no chip. The only supply variable is the 6.9% launch multisig reserved for listings and bridges. Until that bucket moves at scale, PEPE's supply is among the most inert in coverage.
MrNasdog Pressure Framework analysis of PEPE, Metric 1 — Inflation. Data + explanation only. Not financial advice. Updated June 12, 2026.
