PEPE price has delivered a relatively flat performance in July so far. Where will the PEPE price head next amid growing investor pessimism?

PEPE price is down 15% from July 3, dashing the hopes of bullish investors looking to build on their triple-digit gains from June. On-chain data indicates that many investors may be looking to book profit. What next for the PEPE price? 

PEPE is Struggling to Attract New Users 

Over the past week, the number of new users joining the PEPE ecosystem has declined significantly. The Santiment chart below shows 1,635 new wallet addresses opened on July 3. At the close of July 11, the figure has dropped by 47% to 863 new addresses. 

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Network Growth tracks the number of new wallet addresses created on a blockchain network. This estimates the rate at which the ecosystem acquires new users. When it declines, it suggests that the underlying token may struggle to attract demand in the near future. 

The chart above suggests that the 47% decline in Network Growth has already impacted prices negatively. Evidently, the PEPE price dropped by 15% between July 3 and July 12.

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Author: Ibrahim Ajibade

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