Pepe Coin Supply Hits 2-Year Low – Is This the Calm Before a Meme Coin Rally?
Frog-themed meme coin PEPE just shed another zero—but not the kind holders wanted. Circulating supply just cratered to levels not seen since mid-2023, leaving traders wondering if this is capitulation before the next leap.
While some see this as a death knell for speculative assets, crypto veterans recognize the pattern: extreme supply contractions often precede violent upside. Remember when everyone laughed at Dogecoin’s "worthless" status in 2020? That worked out well for diamond-handed memers.
The real question isn’t whether PEPE dies—it’s whether retail FOMO will return before institutional investors finally admit they’ve been apeing into memecoins through offshore shell companies.
Smart money holdings of Pepe | Source: Nansen
Another bullish case for Pepe is that its positive funding rate has been rising since May 8. A positive funding rate is a sign that investors believe a coin’s future price will be higher than the spot rate.
Pepe coin price analysis
The daily chart shows that the Pepe Price peaked at $0.00001625 in May and then pared back some of these gains to $0.00001095. Its weekly low was notable since it aligned with the 100-day Exponential Moving Average and the highest swing in September last year.
Pepe moved below the lower side of the bullish flag pattern, while the Relative Strength Index and the MACD have pointed downwards.
Therefore, technicals point to more downside, potentially to the 78.6% retracement level at $0.00001057, and then it will bounce back as bulls target the 50% point at $0.000017.
