PEPE Inflation Analysis · October 2026 · Mixed flows · supply roughly steady

PEPE supply is flat. Between Jul 26 and Oct 24 2026 no new PEPE entered the market, because the Pepe contract cannot mint and nothing was ever put on a vesting schedule, while holders sent 3.71B PEPE to places where it can never be spent. Against a fixed 420.69T PEPE supply that is a net change of 0.00% over 90 days, and we expect 0.00% for the next 90 days. The hard ceiling is the supply itself: PEPE can only shrink, never grow.

The verdict, in one paragraph

On-chain, PEPE's 90-day net supply change is 0.00% (a real figure of about −0.0009%, from 0 new PEPE against 3.71B PEPE burned by holders). Other market trackers show −0.10% for the same 90 days, a difference of 0.10 percentage points, which is small enough that no warning flag shows on the page. Their figure moves a little each day with price and market value even though the number of PEPE never changes. Next 90 days: 0.00%. In one line, PEPE is a fixed-supply meme coin with no issuance, no unlocks and only sporadic holder burns.

Sell pressure: where new PEPE comes from

Protocol inflation is 0. The Pepe token on Ethereum created all 420.69T PEPE once, at launch on Apr 14 2023. The contract has no mint function, its owner is the zero address, and it cannot call out to any other contract, so there is no path, now or later, by which a new PEPE can appear. Copies of PEPE on BNB Chain, Arbitrum and Avalanche are bridged versions of the same Ethereum coins, not extra supply.

Vesting unlocks are 0. PEPE launched with no presale, no investor round and no team vesting. On launch day 93.1% went straight into the trading pool, whose liquidity tokens were burned, and 6.9% went to a team multisig with no lock. Nothing is scheduled to unlock, ever.

Foundation and unscheduled unlocks are 0. What is left of the team wallet sits in one multisig holding about 2.12T PEPE, roughly 0.5% of supply. It held exactly the same balance on Jul 26 and on Oct 24 2026; its last payout was 42B PEPE on Dec 22 2025. Every one of those coins is already counted as circulating, so even a sale would move coins inside the market rather than add new ones.

Long-term locked or bankruptcy supply is 0. No bankruptcy estate, court case or long lock holds PEPE back. Total sell pressure for the window: 0 PEPE.

Buy pressure: where new PEPE goes

Programmatic buyback is 0. Pepe has no product revenue and no treasury program, so no contract or team buys PEPE back. Protocol fee burn is 0. PEPE transfers carry no tax and no fee, and the code can no longer be changed, so there is no burn built into trading the way some tokens burn a slice of every transaction.

Foundation buy is 0 and new long-term lock is 0. There is no staking and no lock contract for PEPE. Large holders and a planned spot fund would buy coins that already circulate, which changes who holds PEPE but not how many PEPE exist.

Holder burns: 3.71B PEPE in 90 days. The one thing that does take PEPE away is holders sending it where it can never be spent. In this window 3.59B PEPE went into the token contract itself, which has no way to send its own balance anywhere, 123M PEPE went to the dead address, and a few thousand were destroyed through the burn function. That adds up to 3,714,500,673 PEPE, under 0.001% of supply. Over the last 12 months these burns came to about 5.25B PEPE. Nobody plans them and they arrive unevenly, so for the next 90 days we count 0.

Foundation and overhang

Pepe has no foundation, no DAO and no company treasury. The only team-controlled supply is the multisig left from the original 6.9% team wallet. That wallet lost about 16T PEPE to former team members in August 2023; the remaining signer burned 6.9T PEPE on Oct 23 2023 and moved the rest on. Today the multisig holds about 2.12T PEPE, which we read on-chain at every rebuild. A spot fund filing amended on Oct 2 2026 describes the same wallet as about a quarter of the original reserve, kept for running costs and promotion.

Because every PEPE already counts as circulating, this wallet cannot add new supply; it can only move coins that are already in the market. If the multisig's balance falls between our checks, the outflow will be recorded under Foundation and unscheduled unlocks at the next rebuild, with its size and date.

How PEPE compares to other meme coins

PEPE sits in the simplest group of meme coins: fixed supply, all minted at launch, nothing locked. Dogecoin works the opposite way, with no cap and about 5 billion new DOGE paid to miners every year, so Dogecoin supply always grows. Shiba Inu is also fixed and fully minted, but its ecosystem runs an organised burn program; PEPE has no such program, only scattered holder burns.

Newer meme coins such as the Solana launches often keep a large share in team or community wallets with unlock calendars. PEPE has no calendar at all: the full 420.69Thas been in the market since 2023, so there is no unlock cliff to watch. The trade-off is that nothing on the supply side supports the price either. With no fee burn and no buyback, PEPE's price depends almost entirely on demand.

What to watch in the next 90 days

The team multisig. About 2.12T PEPE has not moved since Dec 22 2025; any transfer out would be the first in ten months and would show at the next rebuild.

The planned spot PEPE fund. Its registration was amended on Oct 2 2026 and still has no start date. If it launches, it would buy PEPE already in the market and hold it, which changes demand, not supply.

Large holder moves. A wallet some watchers link to a well-known crypto founder took in 7.2T PEPE on Oct 17 2026. Moves like this shift who holds PEPE, not how many exist.

A one-off burn. A single large burn, like the 6.9T PEPE burned in October 2023, would show as a buy-side entry. None is announced.

Summary

PEPE is a fixed-supply meme coin: all 420.69T PEPE exist already, the contract cannot mint, and nothing vests. In the 90 days to Oct 24 2026 no new PEPE reached the market and holders burned 3.71B PEPE, for a net change of 0.00%, with 0.00% expected next. The main supply risk is the team multisig's 2.12T PEPE, which is already counted as circulating, and the ceiling is the supply itself: PEPE can never grow, only shrink.

MrNasDog Pressure Framework analysis of PEPE, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 24 2026.