The PEPE price has tumbled by more than 45% from its monthly peak of $0.00000183 recorded on July 3. On-chain data hints that investors dumping PEPE for Dogecoin (DOGE) could hamper the chances of an early price recovery.
PEPE staged a surprise comeback in late June, racing to $0.0000018 by July 3. But having delivered an unimpressive performance in recent weeks, investors have started to jettison PEPE to ape in on the rallying DOGE.
PEPE Network Activity Decline Coincided With Dogecoin Price Rally
On-chain data hints that investors began to abandon the PEPE network once the Dogecoin price rallied around mid-July. The Santiment chart below illustrates that on July 12, the DOGE price (yellow line) began its 25% rise from $0.065 to reach $0.082 on July 26.
Interestingly, within that timeframe, PEPE Daily Active Addresses (green line) dropped from 5,086 on July 14 to 1,999 active users recorded at the close of July 25.
This represents a whopping 61% decline in PEPE network usage. Unsurprisingly, PEPE’s price has sunk by 45% within the last three weeks.
Daily Active Addresses evaluates changes in network activity by tracking the number of unique wallet addresses conducting transactions daily. A continuous decline means that the underlying is losing demand.
Consipicpusly, PEPE active
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Author: Ibrahim Ajibade
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