Pepe (PEPE)
Ethereum's largest meme coin at $1.6B market cap with massive liquidity; culturally entrenched but zero revenue and purely narrative-driven valuation.
Ranked 184th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
PEPE scores 92 of 250 across the 25-variable framework, which places it 184th of 251 rated tokens and inside the lower half of the set. The framework verdict is PASS.
PEPE is a top-10 name in the set on 2 variables. The score rests on Exchange Depth 8/10, 5th of 251, Social Mindshare 8/10, 5th of 251, BTC Alpha Potential 5/10, 13th of 251 and Market Share 7/10, 20th of 251.
Against the same universe, PEPE sits in the bottom third on Treasury Runway 1/10, 245th of 251, Developer Activity 1/10, 244th of 251, Team Execution 1/10, 244th of 251 and P/S Multiple 1/10, 234th of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for PEPE. Price has to be justified by demand rather than absorbed against a cliff.
PEPE trades 90% below its all-time high of $0.000028. Recovering that level is a 10x move, not a 90% one, which is the arithmetic most drawdown charts hide.
The framework score gained 19 points against the previous pass (73 to 92). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 1 | 221st of 251 | |
| Revenue Trend | 1 | 231st of 251 | |
| P/S Multiple | 1 | 234th of 251 | |
| Real Staking Yield | 1 | 226th of 251 |
Supply
| Supply Inflation | 6 | 43rd of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 8 | 27th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 4 | 151st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 1 | 229th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 1 | 244th of 251 | |
| Network Growth | 3 | 156th of 251 |
Position
| Market Share | 7 | 20th of 251 | |
| Competitive Moat | 4 | 114th of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 8 | 5th of 251 | |
| Social Mindshare | 8 | 5th of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 3 | 158th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 1 | 244th of 251 | |
| Treasury Runway | 1 | 245th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Ethereum bull market amplification; PEPE as ETH meme equivalent to DOGE on BTC; high CEX liquidity
Principal risk
Zero protocol revenue or utility; 6% supply still to open from deployer wallet; pure sentiment asset; rapid drawdowns in risk-off environments
Market and supply
| Price | $0.000003 |
| Market cap | $1.18Brank 59 |
| All-time high | $0.0000289 Dec 2024 |
| Circulating supply | 420,690,000,000,000 |
| Eventual supply (max supply) | 420,690,000,000,000 |
| Dilution to full supply | 1x |
| Listed on | Binance, OKX, Bybit, Uniswap |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to PEPE measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [CoinMarketCap] PEPE is the third-largest meme coin by market cap at $1.6B and one of Ethereum's most liquid small-cap tokens
- [CoinGecko] PEPE ATH $0.00002780 reached May 2024; currently 86% below that level
- [Etherscan] PEPE deployer wallet holds ~6% of total supply which has been subject to intermittent sell pressure
Common questions
- What is the Early Thunder score for Pepe (PEPE)?
- PEPE scores 92 out of 250 on the 25-variable framework, ranking 184th of 251 rated tokens (lower half). The framework verdict is PASS.
- What are PEPE's strongest fundamentals?
- PEPE ranks highest on Exchange Depth 8/10, 5th of 251, Social Mindshare 8/10, 5th of 251, BTC Alpha Potential 5/10, 13th of 251 and Market Share 7/10, 20th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the PEPE thesis?
- PEPE scores in the bottom third of the universe on Treasury Runway 1/10, 245th of 251, Developer Activity 1/10, 244th of 251, Team Execution 1/10, 244th of 251 and P/S Multiple 1/10, 234th of 251. The single risk carried on the scorecard is: Zero protocol revenue or utility; 6% supply still to open from deployer wallet; pure sentiment asset; rapid drawdowns in risk-off environments
- How much PEPE supply is still to enter circulation?
- 100% of eventual PEPE supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is PEPE from its all-time high?
- PEPE trades 90% below its all-time high of $0.000028. Returning to that high requires a 10x move from the level used in this scoring pass.
- Which tokens have a similar profile to PEPE?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to PEPE are WIF (88), DOGE (89), BONK (93) and MEME (57). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for PEPE?
- Ethereum bull market amplification; PEPE as ETH meme equivalent to DOGE on BTC; high CEX liquidity
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.