Dogecoin Ascendance: How It Captured PEPE Investors’ Attention

Christian Encila

Last Updated: July 27, 2023 10:04 am

4 mins read

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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’s activity.

Daily Active Addresses, 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.

This abrupt drop in network usage suggests that many investors shifted their attention and funds towards DOGE, leaving PEPE behind.

PEPE daily active addresses. Source: Santiment

Dogecoin Hype Leaves PEPE In The Dust

The reason for this shift in investor behavior can be attributed to DOGE’s 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. DOGE also experienced a slight 0.7% climb in the past 24 hours.

Doge price in green in all timeframes. Source:  Coingecko

The impact of the DOGE rally on PEPE also extended to its price. Within the same seven-day period, PEPE’s price declined 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.

‘Meme Coin Magic’

While DOGE experienced a boost in its market cap, it wasn’t the only meme coin project to do so. Other projects like Shiba Inu (SHIB) and ApeCoin (APE) also saw minor market cap increases.

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.

Dogecoin market cap currently at $11.15 billion. Chart: TradingView.com

Data analytics firm Santiment pointed out the market cap increases in DOGE, SHIB, and APE, attributing the rise to the “meme coin magic” that seems to capture the attention of crypto enthusiasts periodically.

Santiment also warned that high social volume spikes often indicate potential market tops, suggesting that the excitement around DOGE might reach its peak.

🐶 The week has kicked off with some #memecoin magic, as #Dogecoin, #ShibaInu, & #Apecoin have enjoyed minor market cap rises. As is typically the case with these types of assets, high social volume spikes will signal tops. $DOGE excitement is heating up. https://t.co/Z0w3UXZDzz pic.twitter.com/h0mriBIpXh

— Santiment (@santimentfeed) July 24, 2023

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.

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.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.