Nobody can change the Pepe token contract, including the people who wrote it

The $PEPE token on Ethereum is as close to untouchable as an on-chain asset can get. Ownership of the token contract was renounced at launch and liquidity pool tokens were burned, meaning no address, including those of the original developers, can mint new tokens, impose a transfer tax, or drain the trading liquidity.

A fixed supply with a shrinking float

The total token supply was set at 420,690,000,000,000 at launch, with 93.1% sent to the liquidity pool, LP tokens burned, and the contract renounced. That figure can only fall from here. An on-chain transaction later sent roughly 6.9 trillion PEPE to a burn address, reducing the circulating overhang and leaving approximately 413.77 trillion tokens in circulation. There was no presale, and trades carry no tax at the contract level.

With contract renouncement in place, no address can mint new tokens, pause transfers, or alter the contract logic. The renounced ownership, burned LP tokens, and fully circulating supply remove the most common technical rug-pull vectors.

Immutability has limits: the 2023 team wallet incident

A locked contract does not lock everything. The remaining 6.9% of the supply was held in a multi-sig team wallet, intended only for future centralized exchange listings, bridges, and liquidity pools. That arrangement proved to be a vulnerability.

On August 24, 2023, roughly 16 trillion $PEPE tokens worth approximately $15 million were transferred from the project multisig wallet to crypto exchanges OKX, Binance, KuCoin, and Bybit. Shortly before the transfers, the multisig signing threshold was quietly cut from five-of-eight to two-of-eight, substantially lowering the security bar. The @pepecoineth team later described those responsible as "bad actors" who had previously been part of the core team. Following the transfers, the PEPE token dropped around 18%.

Contract immutability is not the same as risk-free operations. Even if the token contract itself cannot be changed, wallets controlling reserves or listings inventory can still move markets. The team wallet associated with the @pepecoineth project holds approximately 2.12 trillion PEPE today, worth around $7.2 million.

Sources:
CoinDesk: Pepecoin Says 'Bad Actors' on Team Stole $15M PEPE
The Block: Pepe confirms former team members stole $15 million from multisig wallet
Datawallet: What is Pepe Coin? Tokenomics, ETF Filing and Price History