PEPE coin is a meme coin based on the internet meme 'Pepe the Frog.' It was launched by anonymous developers on the Ethereum network in April 2023. Within just three weeks, its market capitalization surpassed $1 billion, quickly attracting market attention.
It may seem like a joke on the surface, but it cannot simply be defined as a 'useless toy.' Although it lacks clear technological application value, it distinguishes itself from other meme coins through internet culture and community trust mechanisms.
The development team remains anonymous, has not set up a lock-up mechanism, and employs a deflationary model, showing some design thinking. Beginning in the second half of 2024, the community has started to explore ecosystem expansion, such as NFT issuance and wallet development.
As of June 24, 2025, the market capitalization of PEPE coin is approximately $4 billion, ranking between the 25th and 30th in the cryptocurrency market. Although it is difficult to assess with traditional analytical tools, its unpredictability actually provides more analytical value.
Technical analysis: The price trend of PEPE
The current Relative Strength Index (RSI) is 39, close to the oversold zone (30), indicating recent selling pressure. However, the price has slightly increased over the past three days, showing signs of a short-term rebound.
Although the MACD has formed a death cross, the histogram is gradually narrowing, suggesting that the downward momentum is weakening. However, as the trend reversal has not yet been confirmed, caution is still needed.
In summary, it is difficult to accurately judge direction solely based on technical indicators. The price of PEPE coin is more significantly affected by liquidity and market sentiment.
On-chain data analysis: Who is driving the market?
The proportion of holdings on centralized exchanges is decreasing
Although 23.57% of the PEPE supply is still held on centralized exchanges, this proportion has been continuously decreasing over the past three months, indicating that funds are flowing towards decentralized wallets.
Whale concentration is decreasing
Wallets holding more than 1% of the supply account for 24.92%, indicating that more PEPE is being held by ordinary investors.
The number of active wallets remains stable, but the growth of new users is slowing down.
There are 2,762 active wallets and 859 new addresses, with growth gradually slowing since early May, indicating that new capital inflow is slowing.
The correlation between the number of wallets and price is decreasing
Despite a stable user count, the price continues to decline, suggesting insufficient inflow of speculative funds.
Risk factor analysis
Lack of intrinsic value
Although the community is active, the lack of clear practical use raises questions about the long-term sustainability of PEPE.
Overheated leverage
Open futures contracts have continued to rise, which may lead to significant volatility.
Community governance is unstable
While decentralization can enhance transparency, the lack of central coordination may result in delayed responses during crises, increasing risk.
Rather than viewing PEPE as a 'buy recommendation,' it is better to see it as an example of analyzing market structure and liquidity. The market direction is complex, and maintaining balanced judgment is key.
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