Cryptocurrency PEPE is creating quite a buzz in the market. Recent on-chain investigations on the asset's contract code revealed that the coin is deflationary which means its circulating supply can only reduce from here. This is due to the in-built burn function in the contract which prohibits any more minting of tokens. As per data from CoinGecko, the total available supply of PEPE is 420.69 trillion tokens. What's more, the contract deployer blacklisted an address months ago containing over 2.5 trillion tokens valued at $7.6 million. Thus, these tokens are locked up forever and will never enter circulation.
All in all, PEPE’s supply has limited potential to grow and the deflationary nature of the coin could potentially cause huge bullish pressure on the asset over time. Unfortunately, there is no indication yet on the source from which tokens can be burned, although speculation is that tokens can be sent to the blacklisted address. Nevertheless, the coin has hit a roadblock at the time of writing and is trading at $0.00000288.
Adriana Parker
- 2023-05-06
PEPE's Deflationary Nature Might Create Bullish Pressure
Cryptocurrency PEPE is creating quite a buzz in the market. An on-chain investigation of the asset's contract code reveled a deflationary nature and a burn function in the contract. These features could potentially create bullish pressure on the asset over time and the coin is trading at $0.00000288 at the time of writing.
