Dogecoin (DOGE) has been making headlines again with its recent price rally, causing a significant impact on the PEPE network and its investors. As the price of DOGE surged around mid-July, on-chain data indicates that investors began to abandon their holdings in PEPE, leading to a sharp decline in the network\u2019s activity.<\/p>\n
Daily Active Addresses<\/a>, a crucial metric used to gauge the level of network activity, took a hit during this period. On July 14, PEPE recorded 5,086 active users. However, by the close of July 25, that number had plummeted to a mere 1,999 daily dynamic addresses, representing a staggering 61% decline.\u00a0<\/p>\n This abrupt drop in network usage suggests that many investors shifted their attention and funds towards DOGE, leaving PEPE behind.<\/p>\n\n The reason for this shift in investor behavior can be attributed to DOGE\u2019s recent impressive performance in the market. Over the past seven days, DOGE saw a surge of 11.6%, reaching a price of $0.079, according to CoinGecko<\/a>. DOGE also experienced a slight 0.7% climb in the past 24 hours.\u00a0<\/p>\n\n The impact of the DOGE rally on PEPE also extended to its price. Within the same seven-day period,\u00a0PEPE\u2019s price<\/a>\u00a0declined 13%. The sell-off intensified as more investors shifted their focus to the meme-inspired DOGE, which enjoyed the spotlight as one of the top-performing cryptocurrencies.<\/p>\n While DOGE experienced a boost in its market cap, it wasn\u2019t the only meme coin project to do so. Other projects like Shiba Inu (SHIB) and ApeCoin (APE) also saw minor market cap increases. <\/p>\n The surge in social volume for these meme coins typically signals an approaching peak, as enthusiasm and speculation surrounding these assets tend to drive their prices to unsustainable levels.<\/p>\n\n Data analytics firm\u00a0Santiment<\/a>\u00a0pointed out the market cap increases in DOGE, SHIB, and APE, attributing the rise to the \u201cmeme coin magic<\/a>\u201d that seems to capture the attention of crypto enthusiasts periodically.<\/p>\n Santiment also warned that high social volume spikes often indicate potential market tops, suggesting that the excitement around DOGE might reach its peak.<\/p>\n The week has kicked off with some #memecoin<\/a> magic, as #Dogecoin<\/a>, #ShibaInu<\/a>, & #Apecoin<\/a> have enjoyed minor market cap rises. As is typically the case with these types of assets, high social volume spikes will signal tops. $DOGE<\/a> excitement is heating up. https:\/\/t.co\/Z0w3UXZDzz<\/a> pic.twitter.com\/h0mriBIpXh<\/a><\/p>\n \u2014 Santiment (@santimentfeed) July 24, 2023<\/a><\/p>\n The recent DOGE price rally has not only attracted more attention to the cryptocurrency itself but has also caused a significant impact on other meme-inspired projects like PEPE. <\/p>\n However, as the crypto market continues to be influenced by hype and social media trends, investors should remain cautious and vigilant to avoid falling prey to speculative manias.<\/p>\n (This site\u2019s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n Featured image from<\/em><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Dogecoin (DOGE) has been making headlines again with its recent price rally, causing a significant impact on the PEPE network and its investors. As the price of DOGE surged around mid-July, on-chain data indicates that investors began to abandon their holdings in PEPE, leading to a sharp decline in the network\u2019s activity.<\/p>\n Daily Active Addresses<\/a>, a crucial metric used to gauge the level of network activity, took a hit during this period. On July 14, PEPE recorded 5,086 active users. However, by the close of July 25, that number had plummeted to a mere 1,999 daily dynamic addresses, representing a staggering 61% decline.\u00a0<\/p>\n This abrupt drop in network usage suggests that many investors shifted their attention and funds towards DOGE, leaving PEPE behind.<\/p>\n The reason for this shift in investor behavior can be attributed to DOGE\u2019s recent impressive performance in the market. Over the past seven days, DOGE saw a surge of 11.6%, reaching a price of $0.079, according to CoinGecko<\/a>. DOGE also experienced a slight 0.7% climb in the past 24 hours.\u00a0<\/p>\n The impact of the DOGE rally on PEPE also extended to its price. Within the same seven-day period,\u00a0PEPE\u2019s price<\/a>\u00a0declined 13%. The sell-off intensified as more investors shifted their focus to the meme-inspired DOGE, which enjoyed the spotlight as one of the top-performing cryptocurrencies.<\/p>\n While DOGE experienced a boost in its market cap, it wasn\u2019t the only meme coin project to do so. Other projects like Shiba Inu (SHIB) and ApeCoin (APE) also saw minor market cap increases. <\/p>\n The surge in social volume for these meme coins typically signals an approaching peak, as enthusiasm and speculation surrounding these assets tend to drive their prices to unsustainable levels.<\/p>\n Data analytics firm\u00a0Santiment<\/a>\u00a0pointed out the market cap increases in DOGE, SHIB, and APE, attributing the rise to the \u201cmeme coin magic<\/a>\u201d that seems to capture the attention of crypto enthusiasts periodically.<\/p>\n Santiment also warned that high social volume spikes often indicate potential market tops, suggesting that the excitement around DOGE might reach its peak.<\/p>\n The week has kicked off with some #memecoin<\/a> magic, as #Dogecoin<\/a>, #ShibaInu<\/a>, & #Apecoin<\/a> have enjoyed minor market cap rises. As is typically the case with these types of assets, high social volume spikes will signal tops. $DOGE<\/a> excitement is heating up. https:\/\/t.co\/Z0w3UXZDzz<\/a> pic.twitter.com\/h0mriBIpXh<\/a><\/p>\nDogecoin Hype Leaves PEPE In The Dust<\/strong><\/h2>\n
\u2018Meme Coin Magic\u2019<\/strong><\/h2>\n
Dogecoin Hype Leaves PEPE In The Dust<\/strong><\/h2>\n
\u2018Meme Coin Magic\u2019<\/strong><\/h2>\n