Originally published at mrnasdog.com/research/pepe/inflation by MrNasDog.

This is the long supply read. For the signal, the price drivers and the questions people ask about Pepe, see mrnasdog.com/research/pepe.

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

PEPE supply is flat. Pepe is a meme coin on Ethereum whose whole supply of 420.69T PEPE was created once, at launch in April 2023, and the PEPE token code has no way to create more. Over the last 90 days new supply was 0 and holders destroyed about 3.73B PEPE, so net supply moved −0.00%, with 0.00% projected for the next 90 days. The supply monitor reads −0.11%, close to our number.

The verdict, in one paragraph

PEPE’s net supply change over the last 90 days (Jul 16 2026 to Oct 14 2026) is −0.00%: no new coins, against 3.73B PEPE of holder burns on a base of 420.69T, a fall of less than one thousandth of one percent. The next 90 days project 0.00%, because PEPE cannot mint and the burns follow no plan. The monitor that tracks circulating supply day by day reads −0.11% for the same 90 days, a gap of 0.11 percentage points, inside our 0.5-point tolerance, so no data-conflict warning is shown. The monitor’s small move comes from day-to-day estimates around a fixed 420.69T, not from coins being created or destroyed. In one line: PEPE is a fixed-supply meme coin with no mint, no unlocks and only small holder burns.

Sell pressure: where new PEPE comes from

Protocol inflation is 0. The PEPE contract created all 420.69T PEPE in a single step when it was deployed on Apr 14 2023. We read the verified PEPE code and the live contract on Ethereum: the only place that creates coins runs once, at deployment, and there is no mint function anyone can call. The owner key was given up, so the few owner-only switches, a blacklist and an early trading limit, can never be used again. No miner, validator or staking reward pays out in PEPE.

Vesting unlocks are 0. PEPE never had a vesting schedule. At launch, 93.1% of the coins went straight into the first Uniswap trading pool and 6.9% to a team wallet meant for exchange listings. There are no investor rounds, no team cliffs and no unlock calendar to track.

Foundation and unscheduled unlocks are 0. Pepe has no foundation. The one team wallet still holding coins has about 2.12T PEPE, roughly 0.5% of supply, and it did not move in the window. Every PEPE is already counted as circulating, so a sale from that wallet would hand coins to new owners without adding supply.

Long-term locked or bankruptcy is 0. No court estate, trustee or long lock holds PEPE. Sell pressure from new supply is therefore 0 PEPE over the last 90 days and 0 for the next 90 days.

Buy pressure: where new PEPE goes

Programmatic buyback is 0. The Pepe project earns no fees, runs no product and holds no income stream, so nothing buys PEPE back.

Protocol fee burn is 0. PEPE has no transfer tax and no fee, and with the owner key gone the code cannot be changed to add one. Unlike Ethereum’s own fee burn, using PEPE never destroys PEPE by itself.

Foundation buy and new long-term lock are both 0. No treasury bought PEPE in the window, and PEPE has no staking or lock contract that could take coins out of the float.

Holder burns are the only buy-side flow: 3.73B PEPE in 90 days. Some holders choose to destroy coins. In the window, 3.61B PEPE was sent to the PEPE token’s own address, which can never send coins out, 118.0M PEPE went to the well-known dead address, and 2,348 PEPE were burned through the contract’s burn function. We read all three at both ends of the window and matched every transfer into them. Over the last 12 months holder burns came to 5.24B PEPE. The sizes jump around, with the largest single transfer of 1.41B PEPE in late August 2026, and nobody announces them, so we project 0 for the next 90 days rather than guess. At today’s price the 90-day burn is worth about $15K, against a market value near $1.7B.

Foundation and overhang

Pepe’s only identified team-controlled holding is the team wallet that descends from the original 6.9% listing wallet. That wallet lost about 16T PEPE in August 2023, when former team members moved coins out and sold them, then sent 6.9T PEPE to the dead address in October 2023 and passed what was left to the wallet we track today. It now holds 2.12T PEPE, the same at both ends of this window. A year ago it held 2.17T; it paid out 7.78B PEPE on Nov 26 2025 and 42.0B PEPE on Dec 22 2025, and nothing since. Earlier listing wallets in the same chain now hold 0. We read the wallet on-chain at each rebuild. If this wallet’s balance falls between refreshes, the outflow enters the foundation and unscheduled unlocks row at the next refresh — counted as zero new supply, because every PEPE is already in the float, but shown so readers can see the team selling.

Large exchange wallets and the original trading pool are not team-controlled and are not tracked as overhang. There is no buyback wallet, because there is no buyback.

How PEPE compares to other meme coins

Against Dogecoin, PEPE sits at the opposite end of supply design. Dogecoin pays miners new DOGE with every block and has no cap, so it adds supply every day forever. PEPE has a hard ceiling set at launch and no mining, so its supply can only stay flat or fall. For a reader comparing PEPE vs DOGE, the supply question is settled: PEPE never dilutes holders, DOGE always does.

Against Shiba Inu, the comparison is closer. Both are Ethereum tokens whose supply was created up front, and both lose coins to burns. The difference is the source of the burn: Shiba Inu has its own network and products that route some activity into burns, while PEPE has no product at all, so every PEPE burn is a holder’s free choice. That makes PEPE’s buy side smaller and less predictable than a token with built-in burning.

Against Solana meme coins such as BONK, PEPE has the same fixed-supply shape but a cleaner start: no airdrop reserves or ecosystem pots are left to hand out. What PEPE lacks, like most meme coins, is any income that could fund buybacks. Its price depends on demand alone, because supply is already done moving.

What to watch in the next 90 days

The planned US spot PEPE fund. Canary Capital updated its filing for a spot PEPE fund on Oct 2 2026 and named the Cboe BZX exchange for its listing; the fee and ticker are still blank and no approval date is set. A fund would buy PEPE in the market, which moves demand, not supply.

The team wallet of 2.12T PEPE. It has not moved since Dec 22 2025. Any outflow will show on our next read, as a sale inside the float rather than new supply.

Large holder burns. Transfers of more than 1B PEPE into the token’s own address happened twice in this window. Another one would add to the burn count, but would still be far too small to move supply by even 0.01%.

Nothing can add supply. With no mint, no owner and no vesting, there is no dated event in the next 90 days that could raise PEPE’s supply.

Summary

PEPE is a fixed-supply meme coin: all 420.69T PEPE were created at launch in April 2023, the token has no mint function and no owner, and nothing vests. Over the last 90 days supply moved −0.00% as holders destroyed 3.73B PEPE, and we project 0.00% for the next 90 days. The main supply risk is not new coins but old ones: the team wallet still holds 2.12T PEPE it could sell. With supply fixed for good, PEPE’s price rests entirely on how much people want it.

MrNasDog Pressure Framework analysis of PEPE, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 14 2026.

Original: https://mrnasdog.com/research/pepe/inflation · Data + explanation only. Not financial advice.