On-chain data shows the Pepe network has achieved a new record after its active address count has seen a sharp increase recently.
PEPE Daily Active Addresses Crossed 20,500 This Week
According to data from the market intelligence platform IntoTheBlock, the Daily Active Addresses has surged for Pepe recently. The “Daily Active Addresses” here refers to an on-chain metric that keeps track of the daily number of addresses that are participating in some kind of transaction activity on the network.
This indicator naturally includes both senders and receivers in this count. Also, it only takes into account for the unique count of such addresses, meaning wallets that make more transactions than others still contribute equally to its value.
When the value of the Daily Active Addresses rises, it means a large amount of users are making transfers on the blockchain right now. Such a trend suggests trading interest in the coin is high among the investors. On the other hand, the indicator being low implies the traders may not currently be paying much attention to the cryptocurrency as not many of them are making moves on the network.
Now, here is a chart that shows the trend in the Pepe Daily Active Addresses since the start of the year 2024:
The value of the indicator appears to have seen a sharp jump in recent days | Source: IntoTheBlock on X
As displayed in the above graph, the PEPE Daily Active Addresses has witnessed a massive spike this week and has surpassed the record set back during the first quarter of the year. At the peak of this spike, there were more than 20,500 addresses interacting on the memecoin network.
This burst of activity that the cryptocurrency has seen has arrived as its price has gone through an explosive 96% rally over the past week. The trend isn’t anything unusual, as investors tend to find such sharp price action to be exciting, so they are more active than usual.
In fact, a surge of interest can even be a requirement for a run like this to be successful, as only a high amount of users can provide the fuel that moves like this need.
That said, when the hype around an asset gets too excessive, the price can hit a top instead. The recent growth in the Daily Active Addresses has been very steep, which could indicate that Fear Of Missing Out (FOMO) has developed among the investors.
The user interest in Pepe is also visible from the lens of another indicator, the Social Dominance, which tells us what percentage of the total cryptocurrency discussions on social media involve the memecoin. As the analytics firm Santiment has pointed out in an X post, the coin is dominating in terms of this metric.
The top trending cryptocurrencies based on Social Dominance | Source: Santiment on X
This can be another indication of FOMO around the asset, which could spell trouble for its run. The bearish effect may even already be in place as PEPE has gone down over 9% over the past day.
PEPE Price
At the time of writing, Pepe is trading around $0.0000215, up more than 96% over the last seven days.
The trend in the price of the asset over the last five days | Source: PEPEUSDT on TradingView