A capital allocation investment thesis for the Matt Furie Boys Club universe. Who actually renounced their LP, why the PEPE liquidity narrative is mathematically false, and why permanent on-chain commitment is the only metric that matters for long-term capital allocation.
FEBRUARY 2026 · ETHEREUM MAINNET + BASE NETWORKWe are entering a structural inflection point in the global economy. For the first time in history, artificial intelligence is not merely automating repetitive manual tasks — it is systematically displacing white-collar, creative, and knowledge-based work at scale. McKinsey estimates that by 2030, up to 375 million workers globally may need to switch occupational categories. Goldman Sachs research suggests that AI could automate the equivalent of 300 million full-time jobs.
The economic consequences are already visible: Gen Z's purchasing power is 86% worse than Baby Boomers at equivalent life stages (Nansen, 2024). Traditional paths to wealth — stable career, pension, property ownership — are increasingly inaccessible to younger generations. This creates a specific, historically novel condition: a large population with internet access, modest amounts of speculative capital, elevated economic anxiety, and a deep hunger for meaning, community, and asymmetric financial opportunity.
"Inflation is going rampant, money supply is growing fast, the prices of everyday goods are skyrocketing... AI is going to be coming for your jobs... wealth and income inequality are as high as they've ever been... accelerating loneliness, accelerating sexlessness, accelerating mental health issues — all of these are going up... there's diminishing influence of religion in society... and last but not least, all of this is essentially a crisis of meaning. And I believe that all of the above is bullish crypto — it's especially bullish memecoins." Murad Mahmudov — TOKEN2049 Singapore, September 2024
This is not a fringe view. In Q1 2025, memecoins and AI tokens together accounted for 62.8% of all crypto investor interest (CoinGecko). The total memecoin market cap reached an all-time high of $150.6 billion in December 2024 — a 767.1% increase in daily trading volume from the prior year. Retail is not irrationally speculating. It is rationally responding to a world where traditional wealth-building channels are structurally closed.
Murad Mahmudov — Princeton graduate, former Goldman Sachs and Glencore analyst, and one-time Bitcoin maximalist — became crypto's most influential memecoin theorist after his presentation "The Memecoin Supercycle" at TOKEN2049 Singapore in September 2024. By that point, his own memecoin portfolio had grown from approximately $1.86 million in invested capital to over $70 million in unrealized gains, primarily driven by early positions in community-driven tokens.
His central argument cuts through the noise: most altcoins are structurally broken for retail investors. They launch at inflated valuations of $5–15 billion, with large portions allocated to VCs and insiders who sell into retail buyers. Memecoins, by contrast, often launch at near-zero with no VC allocation, no unlocks, and no insider tokens. The playing field is genuinely flat.
"Any crypto asset that does not distribute cash flow to your wallet or is not used as a store of value is essentially a meme coin. 99.999% of altcoins are just meme coins plus more steps." Murad Mahmudov — TOKEN2049 Singapore, September 2024
Murad introduced a critical distinction between what he calls PVP memes (player-vs-player: hyper-gambling tokens that extract wealth from each other in rapid rotations) and PVE memes — or "Cult Memes" — tokens that build genuine communities of long-term believers who identify with the brand beyond its financial value.
"Most retail doesn't actually want to gamble and constantly rotate — they want to buy and hold something that they resonate with. This is why PVE memes are going to succeed in the end — they want to believe in something." Murad Mahmudov — TOKEN2049 Singapore, September 2024
He coined the phrase "tokenized vessels of faith" to describe Cult Memes. The best memecoins are not financial instruments — they are digital communities unified by shared culture, humor, and identity. They deliver what DAOs promised but failed to create: organic belonging, free labor from passionate holders, and storytelling that money cannot manufacture.
"Excessive money supply + excessive loneliness + scarcity of meaning = funds flowing into overly speculative assets. Due to 'more money' and 'more loneliness' in the system than four years ago, assets need to be more speculative than those in 2021." Murad Mahmudov — TOKEN2049 Singapore, September 2024
His evaluation framework for identifying genuine Cult Memes: (1) at least 6 months of community history — "time cannot be faked"; (2) fair launch with no VC allocations or supply unlocks; (3) strong organic community whose top 300 members drive culture; (4) authentic narrative that precedes the token; (5) early holders who got rich and became evangelists.
"From here on out, the Crypto Markets will be increasingly dominated by Memecoin Bubbles until the eventual Bitcoin Standard." Murad Mahmudov — Bitcoin Magazine, October 2024
Matt Furie (born 1979, Columbus, Ohio) is an American artist who created the Boy's Club comic — originally a zine called Playtime, first published on Myspace in 2005 and in print form in 2006. The comic follows four adult male roommates living in a post-college haze: Pepe, Brett, Andy, and Landwolf (Wolf). Its humor is gentle, surreal, and deeply human.
Pepe the Frog escaped the comic in 2008 when the "feels good man" panel was uploaded to 4chan. By 2014, Pepe was being shared by Katy Perry and Nicki Minaj. By 2023, the character had become the most culturally significant internet meme in history — and then the most successful memecoin ever launched.
What makes the Boys Club universe unique in all of crypto: 20 years of authentic cultural DNA that predates every token by decades. These characters have genuine fan communities, a known artist who has legally defended his work (winning copyright suits against InfoWars and others), and a 2020 documentary — "Feels Good Man" — that cemented the cultural legitimacy of the IP. No other memecoin ecosystem can claim this.
The sequential contract addresses — 0x69 (PEPE), 0x68 (ANDY), 0x67 (WOLF), 0x66 (BRETT on Base) — are widely understood within the community as evidence of coordinated, intentional deployment. GeckoTerminal formally recognizes "The Boys Club" as a distinct token category. At peak December 2024 prices, the combined Boys Club market cap exceeded $13 billion.
The capital rotation thesis is straightforward: PEPE (ATH $11.4B) validates the intellectual property. BRETT (ATH $2.1B) captured late-cycle FOMO from PEPE holders seeking higher upside. ANDY ($300M ATH) and WOLF ($100M ATH) represent further compression of the same cultural narrative into smaller, higher-beta positions. Each character is a satellite in a validated universe — not a competitor to PEPE, but a beneficiary of its success.
ZEUS (Pepe's Dog) occupies a distinct position in this hierarchy. Not one of the four Boys Club roommates, but the dog of Pepe himself — a direct meta-extension of the universe's central character. ZEUS exists at the extreme end of the beta spectrum: its entire total supply of 420.69 trillion tokens was deposited into a single Uniswap V2 LP position on day one. Nothing was pre-minted for the team. Nothing was reserved. The entire token supply became liquidity and that liquidity was permanently burned. If PEPE validates the Boys Club universe, and ANDY and WOLF represent compressed bets on that universe, then ZEUS represents the most leveraged expression possible — the highest potential multiple in the narrative, backed by the most absolute on-chain commitment of any token in the ecosystem.
Zeus is not a cartoon. He is a real dog — born in 2012 in Macedonia, and the companion of Jon "Jagged" Eyrick (@Jaggedsoft), one of the engineers who built the Binance WebSocket API and one of the world's largest private collectors of Pepe and Rare Pepe NFTs. The connection to the Boys Club universe is not metaphorical: it is direct, personal, and documented.
On February 7, 2022, ND Haus — a creative studio with a decade-long body of work — produced "The Happiness of Zeus", an original artwork gifted personally to Eyrick. This was not a token launch. This was not a marketing campaign. It was a privately commissioned piece of art that entered the Pepe collector community organically, spread through Rare Pepe channels, and accumulated cultural weight for over three years before any token existed.
The token launched in May 2025 as a stealth fair launch — no presale, no VC allocation, no team reserve, no advisor tokens. The entire supply went directly into a Uniswap V2 pool that was immediately and permanently burned. On June 6, 2025, Zeus CC8 INC secured an official trademark, becoming the only Boys Club adjacent project with verified IP protection and documented ownership history. KuCoin listed ZEUS on July 7, 2025.
The Zeus Foundation currently supports 6 dog shelters internationally, with over 1,000 dogs helped. An Artists DAO Program is in development, continuing the collaboration with independent creators that defined the project's origin. This is the only Boys Club token where the "character" is a living, documented being with a legally protected identity and an active real-world impact program. The cultural depth is not manufactured retroactively — it predates the token by three years.
The dominant narrative supporting PEPE as a "safe" long-term hold has always been its claimed LP renunciation: "93.1% of the supply was added to Uniswap liquidity, LP tokens were burned." This talking point became foundational to PEPE's reputation and is repeated across thousands of forums, X posts, and investment theses.
The on-chain record tells a more nuanced story.
0x8e29d0e2....
This event is later cited as "LP burned." The wallet is not 0xdead.
0x15e89e53...fc4b)
mints LP tokens directly to 0x000...dead.
This tiny position represents approximately 274.78 billion PEPE —
roughly 0.065% of supply at that time.
Today it represents approximately 0.000067% of total supply.
This has implications for capital allocation within the Boys Club ecosystem. PEPE's on-chain LP record differs materially from the widely-cited narrative. Meanwhile, ZEUS (Pepe's Dog), ANDY, and WOLF — smaller in market cap but with verifiably renounced LP — provide the on-chain permanence that many investors assumed PEPE had.
As this information reaches a broader audience — driven by on-chain analysts, investigative communities, and the general maturation of crypto due diligence — a structural revaluation becomes inevitable. Investors who understood PEPE as "safe because LP is burned" face a binary choice: accept the reality that it is not, or rotate into the characters who actually deliver the on-chain guarantee.
Most conversations about renounced liquidity focus on what cannot happen — the rug pull. But the deeper significance of a permanently locked LP goes far beyond preventing removal. It creates two compounding, self-reinforcing mechanisms that most investors have never fully examined: an automatic token burn on every single trade, and a mathematical price floor that grows harder with every block.
In Uniswap V2, the pool's liquidity is governed by the constant-product formula
k = x × y, where x is the token reserve and y is the WETH reserve.
Removing liquidity requires submitting LP tokens to the contract. If 100% of LP tokens
are held at 0x000...dead — an address with no private key, no multisig,
no upgrade path, no human or machine that can sign a transaction — then 100% of the
pool's value is permanently inaccessible by any actor. This is not a promise. This is
not a lock contract with an admin key. It is a cryptographic mathematical fact: the
underlying liquidity cannot be removed under any circumstances, ever.
For ZEUS and WOLF, the lock covers 100% of LP. For ANDY, 99.9999%. No force on earth — regulatory, legal, social, or technical — can extract a single token or a single wei of ETH from these pools. The team could disappear tomorrow. The community could dissolve. It would not matter. The pool persists, the price mechanics persist, and the holders' ability to buy and sell at a fair AMM price persists indefinitely.
Uniswap V2 charges 0.3% on every swap. This fee is not extracted to a treasury. It is not sent to a burn address. It is silently added back to the pool's reserves, growing k. Because 100% of LP tokens are burned, 100% of every fee charged is permanently deposited into the locked pool. No party can claim it. No bot can extract it. It compounds in place.
Consider the two directions of trade:
This is a superior deflationary mechanism compared to manual token burns. Manual burns require a human decision, a transaction, and introduce centralization risk. The LP fee burn is automatic, trustless, continuous, and proportional to trading volume. The more a token is traded, the more supply is effectively destroyed. The more speculation and volatility occurs, the deeper the floor becomes. Volatility itself becomes a mechanism for long-term stability.
Consider: on-chain data for ZEUS shows approximately 6.18% of total supply has been permanently accumulated in the locked pool via fee mechanics since launch — above and beyond what pure AMM price rebalancing would place there. That is 26 trillion ZEUS tokens that will never circulate again. Not by team decision. Not by governance vote. By pure mathematics, compounding with every swap. On-chain analysis — ZEUS/WETH pair, Ethereum mainnet — February 2026
In any AMM pool, the current WETH reserve sets a hard lower bound on the token's accessible liquidity. If the ZEUS pool contains 37 ETH, and 100% of that pool is locked, then there is mathematically guaranteed ETH backing every unit of ZEUS in existence. An entity seeking to dump the entire circulating supply to zero would need to provide enough selling pressure to exhaust all 37 ETH — and they would receive diminishing returns all the way down, with the price approaching zero asymptotically but never actually reaching it. The pool can be drained toward zero but never emptied. The price floor is not a promise — it is a mathematical limit.
And critically: this floor grows with every swap fee. As trading volume accumulates over months and years, the locked WETH reserve increases. The floor does not decay. It does not expire. It compounds. A token launched with 1 ETH of locked liquidity today may have 50 ETH of locked liquidity in two years — purely from swap fees on organic trading. That is a 50x increase in the price floor, derived entirely from market activity rather than team promises.
The rankings table in this report compares projects by their current locked percentage of total supply. This metric is accurate and verifiable in real time. But it systematically understates the level of commitment made by each project at launch. Understanding the difference requires understanding how Uniswap V2 rebalances over time.
In Uniswap V2, the pool holds two assets such that their product remains constant:
T × E = k. As price appreciates (ETH price per token rises), ETH
flows in and tokens flow out. If a token appreciates 100x in price, the token reserve
in the pool shrinks to approximately 1/10th of its original size
(by the square root relationship). The locked LP tokens still represent the same
fractional ownership of the pool — but the pool now contains far fewer tokens.
The current locked percentage therefore falls as price rises.
This means: comparing ZEUS (11.79% current locked) to WOLF (3.67% current locked) without accounting for price appreciation tells an incomplete story. WOLF's lower percentage is not evidence of weaker commitment — it reflects stronger price appreciation. The correct question is: what percentage of supply did each team lock when they launched?
| Token | Initial LP Tx | Initial Locked % | Current Locked % |
|---|---|---|---|
| $ZEUS (Pepe's Dog) |
Block 22,534,020 420.69T ZEUS + 1 ETH |
100.00% | 11.79% |
| $ANDY |
Block 19,394,384 930B ANDY + 1 ETH (93% of supply) |
93.00% | 5.73% |
| $WOLF |
Block 19,701,396 1T WOLF + 1 ETH (100% of supply) |
100.00% | 3.67% |
The data tells a remarkable story. ZEUS and WOLF both launched with 100% of their entire token supply locked as permanent liquidity — an act of absolute commitment with no parallel in the Boys Club ecosystem. The deployer kept nothing. There was no team allocation, no advisor slice, no reserve. The entire supply became liquidity on day one, and that liquidity was burned. Every ZEUS and WOLF token that exists was born inside a locked pool.
ANDY launched with 93% — still extraordinary by any standard. The remaining 7% (70 billion ANDY) was distributed to the community or used for market-making purposes, not retained as insider allocation.
WOLF's current locked percentage (3.67%) appears the smallest, but it reflects the highest price appreciation of the three: 5,313x from its initial price. A token that was worth 1 ETH per trillion at launch is worth 5,313 ETH per trillion today. Each time the price doubles, the AMM rebalancing moves roughly 29% fewer tokens into the pool. Over thousands of multiples, the current locked percentage becomes a vanishingly small number — but the locked ETH backing grows continuously from fee accumulation.
Beta plays are not speculation for speculation's sake. They are a structured financial concept with a name, a mathematical definition, and a documented historical track record across multiple crypto market cycles. Understanding why they work — and when they fail — is the difference between informed risk-taking and gambling.
In traditional finance, a security's beta coefficient measures its sensitivity to the movement of a benchmark index. A beta of 2.0 means the asset moves roughly twice as much as the benchmark — up and down. In crypto, this concept translates with unusual precision: when the ecosystem's central cultural asset (in this case, PEPE) appreciates, its satellite tokens with smaller market capitalizations tend to appreciate faster, because less new capital is required to produce a given percentage move.
This is not coincidence. It is a direct consequence of market cap mathematics. PEPE at an $11.4B peak required billions of dollars flowing in to reach that level. ZEUS at a $26.5M ATH peak required orders of magnitude less. For ZEUS to reach WOLF's historical ATH of $100M would require roughly $73M of net buying pressure. For PEPE to replicate its own ATH from current levels requires many billions. The asymmetry is structural, not speculative.
The pattern is not theoretical. It has occurred in every major crypto narrative cycle with documented consistency:
| Ecosystem | Main Token | Beta Play | Peak Multiple vs Ecosystem |
|---|---|---|---|
| DOGE cycle (2021) | $DOGE | $BABYDOGE | ~68x outperformance |
| DOGE cycle (2021) | $DOGE | $ELON (Dogelon) | ~45x outperformance |
| SHIB ecosystem (2021) | $SHIB | $LEASH | +234% vs SHIB |
| SHIB ecosystem (2021) | $SHIB | $BONE | +218% vs SHIB |
The success rate is not 100%. In every ecosystem, only 20-30% of satellite tokens survive to participate in the next leg of appreciation. The majority fail silently. This is why selection criteria matter enormously: the beta play thesis only holds for tokens where the connection to the central narrative is genuine, not constructed after the fact.
Institutional and retail capital flows through crypto in a predictable sequence: Bitcoin → Ethereum → large-cap alts → mid-cap alts → small-cap narrative plays. When Bitcoin dominance peaks and begins declining, capital searches for higher beta. When ETH outperforms BTC, the search intensifies. When established narratives like PEPE re-activate, the satellite tokens in that narrative become the highest-velocity targets for capital seeking additional upside.
PEPE's Boys Club has produced the clearest documented example of this cascade in the memecoin space. PEPE validated the narrative. BRETT captured the early Base rotation. ANDY and WOLF absorbed further capital compression. At each step, the market cap decreases and the potential multiple increases — for the tokens that survive.
Most satellite tokens fail not because the narrative fails, but because they are structurally unable to benefit from it. A rug-pullable LP means the deployer can extract value at the exact moment retail interest peaks. A token with no verified cultural connection to its narrative collapses the moment the narrative matures and holders become discerning. A token without IP protection can be replicated endlessly, diluting attention and capital.
The criteria for an investable beta play within a validated ecosystem are:
Against these four criteria, ZEUS occupies a unique position. It is the only Boys Club adjacent token that satisfies all of them simultaneously:
LP Lock: 100% of supply, burned to 0xdead, irreversible. This document
has proven it on-chain.
Cultural Origin: A real dog with a three-year documented presence in
the Pepe collector community before any token existed.
IP Protection: Zeus CC8 INC trademark registered June 6, 2025 —
the only verified trademark in the Boys Club universe.
Market Cap Asymmetry: At its ATH of $26.5M, ZEUS represented
0.23% of PEPE's $11.4B ATH. For ZEUS to reach WOLF's historical
ATH of $100M from current levels represents approximately 160x.
For ZEUS to reach 1% of PEPE's ATH represents ~$114M.
These numbers require no faith in any team or roadmap — only that PEPE's narrative
continues to attract capital, which has now happened across two market cycles.
"The strongest investments in this space are not the loudest narratives. They are the ones where the on-chain math, the cultural legitimacy, and the structural protection all point in the same direction." — Thesis Principle, The Great PEPE Rotation
| # | Token | Network | % of Supply Permanently Renounced | Verdict |
|---|---|---|---|---|
| 1 | $ZEUS (Pepe's Dog) | Ethereum | FULLY RENOUNCED | |
| 2 | $ANDY | Ethereum | FULLY RENOUNCED | |
| 3 | $WOLF | Ethereum | FULLY RENOUNCED | |
| 4 | $PEPE | Ethereum | LP CLAIM DISPUTED | |
| 5 | $BRETT | Base | NOT RENOUNCED |
Note: The % of tokens in a Uniswap V2 LP position is not static — it decreases as the token's price appreciates, because the AMM rebalances the pool's composition with every trade (constant product formula: k = token × ETH). A token that launched with 100% of supply in LP and has since appreciated 300x will show a far lower current locked % than at launch. These figures reflect a snapshot at the time of analysis (February 2026) and will continue to evolve as prices change. The correct commitment metric is the initial locked %: what each team actually put in the pool on launch day — ZEUS: 100%, WOLF: 100%, ANDY: 93%. See Section 06 — The AMM Revelation for the full on-chain breakdown.
ZEUS operates on Uniswap V2 on Ethereum. The
ZEUS/WETH pair contract
confirms that 100% of LP tokens are held permanently at
0x000...dead.
The pool was renounced entirely — no entity can ever remove the ETH or ZEUS from this pool.
11.22% of the total 420.69T ZEUS supply (~47.21T tokens) is permanently locked in the renounced pool. Every swap on Uniswap generates 0.3% fees that accumulate inside the locked pool forever — a further 2.84% of supply (11.94T ZEUS) has already compounded as captured swap fees, permanently unreachable. More trades = higher effective backing per circulating token.
ANDY uses Uniswap V2 on Ethereum. The
ANDY/WETH pair contract
shows that 99.9999% of all LP tokens are held permanently at
0x000...dead.
The remaining 0.0001% is the Uniswap V2 protocol MINIMUM_LIQUIDITY
(1000 wei) automatically locked at
the zero address
on first mint — a mandatory on-chain mechanism with no private key.
Combined: 100% of total LP supply is at permanently inaccessible addresses.
5.72% of ANDY's 1T supply (~57.2B tokens) is permanently locked in the Uniswap V2 pool alongside its corresponding ETH. This figure already reflects the current pool state, including all 0.3% swap fees that have accumulated since launch — every ANDY trade has compounded permanently into the locked position. The Boys Club Andy team has irrevocably surrendered any ability to remove liquidity.
WOLF uses Uniswap V2 on Ethereum. The
WOLF/WETH pair contract
confirms that 100% of LP tokens — including the Uniswap V2 minimum dust —
are permanently burned at
0x000...dead.
Even the 1000-wei protocol minimum was included in the burn, demonstrating deliberate
and total renunciation.
3.65% of WOLF's 1T supply (~36.5B tokens) is locked alongside paired ETH in perpetuity. Like ANDY, the percentage shown reflects the current pool state inclusive of all swap fees accumulated since launch — every WOLF trade has compounded into the permanently locked position. The Landwolf team cannot pull liquidity under any circumstances.
The PEPE team's original narrative: "93.1% of the supply was added to Uniswap liquidity, LP tokens were burned, 6.9% reserved for CEX listings." Below is what the blockchain actually records.
0x8e29d0e2ca8e....
This wallet is not 0xdead.
This is the event cited as "LP burned."
0x15e89e53...fc4b)
mints LP tokens directly to 0x000...dead. This represents
approximately 274.78B PEPE — roughly 0.065% of supply at that time, and
approximately 0.000067% of total supply today.
BRETT uses Uniswap V3 on Base network (1% fee tier). This is a
fundamental architectural difference from V2. In Uniswap V3, liquidity positions are
ERC-721 NFTs managed by the NonfungiblePositionManager at
0x03a520b3....
To permanently renounce V3 liquidity, the NFT must be sent to 0xdead.
This has never been done for any BRETT position.
At launch (block 11,125,895,
Feb 27 2024), the BRETT deployer
(0xda57c785...)
created 7 LP NFT positions (#54817–#54823). Current ownership investigation:
NFT #54822: Still owned directly by the deployer wallet
(confirmed EOA — eth_getCode returns 0 bytes, no contract).
NFTs #54817: Transferred to another EOA wallet (code size = 0 bytes — not a locker contract).
NFTs #54818, #54819: Held by a second EOA wallet (code size = 0 bytes).
NFTs #54820, #54821: Held in a small contract (330 bytes) — a time-lock, not a permanent burn.
Zero NFTs have been sent to 0x000...dead.
The team marketed a "365-day lock" for some positions. That lock, launched in February 2024, expired in approximately February 2025 — over a year ago. It has not been converted to a permanent burn. The deployer wallet itself still directly holds LP NFT #54822, which was never locked at all.
All on-chain data was retrieved directly from Ethereum and Base blockchains via
Alchemy JSON-RPC API using eth_call, eth_getLogs,
eth_getTransactionReceipt, and eth_getCode.
No third-party aggregators were used for core analysis. All claims are independently
verifiable via the linked Etherscan and Basescan references.
totalSupply() queried via
eth_call; balanceOf(0xdead) and balanceOf(0x0000)
used to determine permanently burned LP percentage; getReserves() used to
calculate current token amounts in pool and derive supply percentages including
accumulated fees.
positions(tokenId) and ownerOf(tokenId) queried for each
LP NFT to determine current ownership; eth_getCode used to confirm
whether owners are EOA wallets (size = 0) or smart contracts.
eth_getLogs across block ranges from launch (block 17,064,239) to present,
tracking the complete flow of LP tokens — creation, withdrawal 9.6 hours later, and
the single genuine burn 29 days after launch.
getReserves().
Since 100% of LP is burned for all three, these figures include all swap fees that
have compounded into the locked pool since each token's launch.
0x000...dEaD (the canonical burn address) and
0x0000000000000000000000000000000000000000 (the zero address, where Uniswap V2
automatically locks the initial 1000 wei of LP as MINIMUM_LIQUIDITY on first
mint). Both are permanently inaccessible — no private key exists for either.
All percentages shown for V2 tokens include the sum of both addresses.
Time-locked positions with expiry do not qualify.