Pepe（PEPE）代币经济学

Overview

Pepe (PEPE) is a meme coin launched on Ethereum (ERC-20) with a total supply of 420.69 trillion tokens. It is designed as a purely memetic, entertainment-focused digital asset, with no intrinsic utility, governance, or claims on profits. The project emphasizes decentralization, zero taxes, and a renounced contract, and it has become a cultural phenomenon in the crypto space.

Issuance Mechanism

• Launch: PEPE was launched in stealth mode by anonymous creators on April 14, 2023.
• No Presale or Fundraising: There was no presale, private sale, or fundraising event. No tokens were sold to raise capital for the project.
• No Minting or Inflation: The total supply was fixed at launch, with no further minting or inflationary mechanisms.

Allocation Mechanism

• Vesting/Unlock: 100% of tokens were vested and unlocked at the Token Generation Event (TGE) on April 17, 2023. There is no vesting schedule or future unlocks.

Usage and Incentive Mechanism

• Primary Use: PEPE is a meme coin with no inherent utility. It was previously used to grant access to the "Pepe Palace" Discord server, but this function has been discontinued.
• No Staking or Rewards: There are no staking, yield farming, or liquidity provision mechanisms. Tokenholders do not earn fees, additional tokens, or any form of compensation for holding or using PEPE.
• No Governance: PEPE does not confer voting rights or governance power. There is no on-chain or off-chain governance process for tokenholders.
• No Claims: Holding PEPE does not entitle users to any share of profits, capital, or legal rights in any entity.
• No Taxes: All transactions are tax-free; there are no transaction fees imposed by the token contract.
• Burn Mechanism: The contract includes a manual burn function, but there is no ongoing or programmatic burn or buyback mechanism.

Locking and Unlocking Mechanism

• Locking: There is no token locking or vesting. All tokens were unlocked at launch.
• Unlocking Time: 100% of the supply was available to the market at the TGE (April 17, 2023).

Token Concentration

• As of December 15, 2024, the top 10 addresses on Ethereum hold approximately 41% of the total supply, with major centralized exchanges (e.g., Binance, OKX, Crypto.com) among the largest holders.
• The vast majority of tokens remain on Ethereum, with small amounts bridged to BNB Smart Chain and Arbitrum.

Security and Control

• Contract Renounced: Ownership of the contract was renounced after launch, meaning no one can alter the contract or mint new tokens.
• Blacklist Function: The contract includes a blacklist function, which was used once to block a specific address shortly after launch.

Summary Table

Implications and Context

• Speculation-Driven: PEPE’s value is driven entirely by market speculation and meme culture, not by utility or protocol incentives.
• Decentralization: The renounced contract and lack of team allocation are intended to foster trust and decentralization, but the high concentration among a few addresses (mainly exchanges) is a risk factor.
• No Future Unlocks: With all tokens unlocked at launch, there is no risk of future supply dilution from vesting or scheduled releases.
• No Intrinsic Value: PEPE is explicitly marketed as “completely useless and for entertainment purposes only,” with no roadmap for utility or protocol development.

Conclusion

Pepe (PEPE) represents the archetype of a meme coin: a fixed-supply, zero-utility, community-driven token with no intrinsic value or protocol incentives. Its economics are simple, transparent, and designed to maximize decentralization and meme appeal, but they also mean that PEPE’s long-term value is entirely dependent on continued community interest and speculative demand.