- PEPE has suffered a decline of over 45% from its July peak, with investors reportedly shifting to Dogecoin.
- The decrease in network activity for PEPE aligns with Dogecoin’s price rally, suggesting a direct correlation.
As the markets fluctuate, meme cryptocurrency PEPE is feeling the squeeze, seeing a drop of more than 45% from its high of $0.00000183 in early July. Emerging evidence suggests that investors are trading their PEPE for the increasingly popular Dogecoin (DOGE), throwing PEPE’s short-term recovery prospects into doubt.
Shifting Tides in the Meme Coin Market
Following a surprising comeback in late June, PEPE’s lackluster performance in the subsequent weeks has reportedly led investors to trade their PEPE in favor of Dogecoin. The shift began in mid-July, coinciding with a significant rally in Dogecoin’s price.
On-chain data from Santiment indicates that as Dogecoin’s price rose 25% from $0.065 to $0.082 between July 12 and July 26, there was a sharp decrease in the number of daily active PEPE addresses. The user count fell by a substantial 61%, from 5,086 to 1,999, suggesting that the memecoin enthusiasts are abandoning PEPE to capitalize on Dogecoin’s surge.
An extended decline in Daily Active Addresses, which tracks unique wallet addresses conducting transactions daily, implies that demand for the token is shrinking. The fact that the drop in PEPE active users began just two days after Dogecoin’s rally underscores the possible mass migration from PEPE to DOGE.
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Losing the Fight for Market Share
PEPE’s woes don’t end with a decline in network activity. Network Growth data reveals a corresponding struggle to attract new users. This metric fell 73% from 1,703 to 463 new addresses between July 14 and July 25, reinforcing the narrative that investors are favoring Dogecoin over PEPE.
A steady decrease in Network Growth could spell trouble for PEPE’s future prospects, as it signals the underlying token may struggle to generate sufficient demand. Furthermore, it indicates that PEPE is losing ground to other memecoins in the market.
As a result, if Dogecoin’s rally continues, it seems unlikely that PEPE will rebound any time soon. The fate of PEPE’s price, now threatened with falling below $0.0000010, hinges on whether investors continue this shift to Dogecoin or opt to reclaim their positions and boost PEPE’s value. A battle of the bulls may yet be on the horizon.
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