Pepe (PEPE) has already demonstrated the ability to attract multi-billion-dollar valuations during favorable market cycles, reaching an all-time high of approximately $11 billion in market cap during late 2024. The realistic question is not whether the token can appreciate further, but what market-cap ceiling is achievable under different adoption and market-cycle conditions. The answer depends less on nominal price targets and far more on understanding supply dynamics, competitive positioning, and the structural constraints of meme-coin valuations.