diff --git a/packages/assets-controllers/CHANGELOG.md b/packages/assets-controllers/CHANGELOG.md
index 92fee49f56e..67c308c101f 100644
--- a/packages/assets-controllers/CHANGELOG.md
+++ b/packages/assets-controllers/CHANGELOG.md
@@ -11,6 +11,9 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 - Bump `@metamask/account-tree-controller` from `^4.0.0` to `^4.1.0` ([#7869](https://github.com/MetaMask/core/pull/7869))
 - Bump `@metamask/multichain-account-service` from `^5.1.0` to `^6.0.0` ([#7869](https://github.com/MetaMask/core/pull/7869))
+- Optimize Price API performance by deduplicating concurrent API calls ([#7811](https://github.com/MetaMask/core/pull/7811))
+  - Add in-flight promise caching for `fetchSupportedNetworks()` to prevent duplicate concurrent requests
+  - Update `fetchTokenPrices()` and `fetchExchangeRates()` to only refresh supported networks/currencies when no cached value exists
 
 ## [99.3.1]
 
diff --git a/packages/assets-controllers/src/token-prices-service/codefi-v2.test.ts b/packages/assets-controllers/src/token-prices-service/codefi-v2.test.ts
index f00735fccd9..18085643b66 100644
--- a/packages/assets-controllers/src/token-prices-service/codefi-v2.test.ts
+++ b/packages/assets-controllers/src/token-prices-service/codefi-v2.test.ts
@@ -1,6 +1,6 @@
 import { KnownCaipNamespace } from '@metamask/utils';
 import type { Hex } from '@metamask/utils';
-import nock from 'nock';
+import nock, { isDone } from 'nock';
 import { useFakeTimers } from 'sinon';
 
 import {
@@ -1987,6 +1987,39 @@ describe('CodefiTokenPricesServiceV2', () => {
 
       expect(result).toStrictEqual(mockResponse);
     });
+
+    it('deduplicates concurrent requests to the same endpoint', async () => {
+      const mockResponse = {
+        fullSupport: ['eip155:1'],
+        partialSupport: {
+          spotPricesV2: ['eip155:1', 'eip155:56'],
+          spotPricesV3: ['eip155:1', 'eip155:42161'],
+        },
+      };
+      // Only set up the mock to respond once
+      nock('https://price.api.cx.metamask.io')
+        .get('/v2/supportedNetworks')
+        .reply(200, mockResponse);
+
+      // Make 5 concurrent calls
+      const promises = [
+        fetchSupportedNetworks(),
+        fetchSupportedNetworks(),
+        fetchSupportedNetworks(),
+        fetchSupportedNetworks(),
+        fetchSupportedNetworks(),
+      ];
+
+      const results = await Promise.all(promises);
+
+      // All promises should resolve to the same response
+      results.forEach((result) => {
+        expect(result).toStrictEqual(mockResponse);
+      });
+
+      // Verify no pending mocks (i.e., only one request was made)
+      expect(isDone()).toBe(true);
+    });
   });
 
   describe('getSupportedNetworks', () => {
diff --git a/packages/assets-controllers/src/token-prices-service/codefi-v2.ts b/packages/assets-controllers/src/token-prices-service/codefi-v2.ts
index 9496053cab2..ea7d4f4272c 100644
--- a/packages/assets-controllers/src/token-prices-service/codefi-v2.ts
+++ b/packages/assets-controllers/src/token-prices-service/codefi-v2.ts
@@ -367,6 +367,12 @@ type SupportedNetworksResponse = {
  */
 let lastFetchedSupportedNetworks: SupportedNetworksResponse | null = null;
 
+/**
+ * In-flight promise to prevent concurrent requests to the supported networks endpoint.
+ */
+let runningSupportedNetworksRequest: Promise<SupportedNetworksResponse> | null =
+  null;
+
 /**
  * Converts a CAIP-2 chain ID (e.g., 'eip155:1') to a hex chain ID (e.g., '0x1').
  *
@@ -382,12 +388,13 @@ function caipChainIdToHex(caipChainId: string): Hex | null {
 }
 
 /**
- * Fetches the list of supported networks from the API.
- * Falls back to the hardcoded list if the fetch fails.
+ * Executes the actual fetch to the supported networks endpoint.
+ * Handles errors internally by falling back to the hardcoded list,
+ * and clears the in-flight promise when done.
  *
  * @returns The supported networks response.
  */
-export async function fetchSupportedNetworks(): Promise<SupportedNetworksResponse> {
+async function executeSupportedNetworksFetch(): Promise<SupportedNetworksResponse> {
   try {
     const url = `${BASE_URL_V2}/supportedNetworks`;
     const response = await handleFetch(url, {
@@ -409,7 +416,29 @@ export async function fetchSupportedNetworks(): Promise<SupportedNetworksRespons
   } catch {
     // On any error, fall back to the hardcoded list
     return getSupportedNetworksFallback();
+  } finally {
+    // Clear the in-flight promise once the request completes
+    runningSupportedNetworksRequest = null;
+  }
+}
+
+/**
+ * Fetches the list of supported networks from the API.
+ * Falls back to the hardcoded list if the fetch fails.
+ * Deduplicates concurrent requests by returning the same promise if a fetch is already in progress.
+ *
+ * @returns The supported networks response.
+ */
+export async function fetchSupportedNetworks(): Promise<SupportedNetworksResponse> {
+  // If a fetch is already in progress, return the same promise
+  if (runningSupportedNetworksRequest) {
+    return runningSupportedNetworksRequest;
   }
+
+  // Start a new fetch and cache the promise
+  runningSupportedNetworksRequest = executeSupportedNetworksFetch();
+
+  return runningSupportedNetworksRequest;
 }
 
 /**
@@ -453,6 +482,7 @@ function getSupportedNetworksFallback(): SupportedNetworksResponse {
  */
 export function resetSupportedNetworksCache(): void {
   lastFetchedSupportedNetworks = null;
+  runningSupportedNetworksRequest = null;
 }
 
 /**
@@ -687,8 +717,10 @@ export class CodefiTokenPricesServiceV2
     // Refresh supported networks in background (non-blocking)
     // This ensures the list stays fresh during normal polling
     // Note: fetchSupportedNetworks handles errors internally and always resolves
-    // eslint-disable-next-line @typescript-eslint/no-floating-promises
-    fetchSupportedNetworks();
+    if (!lastFetchedSupportedNetworks) {
+      // eslint-disable-next-line @typescript-eslint/no-floating-promises
+      fetchSupportedNetworks();
+    }
 
     // Get dynamically fetched supported chain IDs for V3
     const supportedChainIdsV3 = getSupportedChainIdsV3AsHex();
@@ -791,8 +823,10 @@ export class CodefiTokenPricesServiceV2
     // Refresh supported currencies in background (non-blocking)
     // This ensures the list stays fresh during normal polling
     // Note: fetchSupportedCurrencies handles errors internally and always resolves
-    // eslint-disable-next-line @typescript-eslint/no-floating-promises
-    fetchSupportedCurrencies();
+    if (!lastFetchedCurrencies) {
+      // eslint-disable-next-line @typescript-eslint/no-floating-promises
+      fetchSupportedCurrencies();
+    }
 
     const url = new URL(`${BASE_URL_V1}/exchange-rates`);
     url.searchParams.append('baseCurrency', baseCurrency);