Pepe [PEPE] may face challenges as it moves towards mainstream adoption after garnering attention from the crypto community. Recently, there has been discussion about using the amphibian-themed token position to knock Shiba Inu [SHIB] and Dogecoin [DOGE] off the meme-leaders’ list.
However, Santiment’s knowledge of the ecosystems of all three cryptocurrencies revealed that the tasks could be challenging. According to the on-chain data provider, PEPE’s peak was far from that of DOGE and SHIB.
The trading volume reached $2 billion at PEPE’s peak price. However, when DOGE hit its All-Time High (ATH), volume reached $70 billion, while DOGE peaked at $40 billion.
Volume reflects the relative importance of market movements in terms of liquidity. It also serves as a metric for the total number of token transactions made over the network. As a result, this data confirms that PEPE’s bid to surpass DOGE and/or SHIB will require more participation than has occurred recently.
However, it’s worth noting that the SHIB and DOGE ATHs occurred during a full-fledged bull market. However, the PEPE hype occurred when the market struggled to recover from a severe capitulation. PEPE has matched DOGE and SHIB in terms of social volume. However, discussions about the popular cryptocurrency have mostly taken place on Twitter.
During SHIB’s incredible run, word spread through the social media restriction. “While DOGE was discussed on national television, PEPE remains primarily confined to the crypto realm,” Santiment added. Twitter.” Although PEPE has been highly beneficial to retail investors’ portfolios, the decline in value has left participation in doubt.
In reality, market sentiment has shifted significantly away from PEPE. When retail involvement was taken into account, on-chain data revealed that the network growth of PEPE at its peak was 27,000.
The network growth serves as a measure of new addresses joining a network. When the metric rises, it indicates increased liquidity. When it is lower, it indicates a decrease in money flow from new participants.
SHIB’s network growth was 64,500 at a time when its price was making investors happy. PEPE’s retail landscape has been wiped out in a matter of months. That was not the case when SHIB and DOGE were not on vacation.