How PEPE’s confinement caused a block in the bid to displace SHIB, DOGE

• PEPE’s peak remains far below the best performance of the top memes.
• Although the token’s value had decreased, there was still potential for growth.

After garnering attention from the crypto community, Pepe [PEPE] might be faced with obstacles as it gears toward mainstream adoption.

Recently, conversations have arisen about the amphibian-themed token position to take Shiba Inu [SHIB] and Dogecoin [DOGE] off the meme-leaders’ standings.

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The new guy is not yet worthy

However, Santiment’s insight into the ecosystem of all three cryptocurrencies revealed that the tasks might be extremely challenging. According to the on-chain data provider, PEPE’s peak, when compared with that of DOGE and SHIB was far apart.

At PEPE’s highest price, the trading volume reached $2 billion. But when DOGE reached its All-Time High (ATH), the volume hit $70 billion while DOGE peaked at $40 billion. 

The volume indicates the relative significance of market movements in terms of liquidity. It also serves as a measure of the aggregate number of token transactions via the network.

Source: Santiment

Therefore, this data confirms that PEPE’s bid to surpass DOGE and/or SHIB would need more than the participation that has taken place in recent times.

However, it’s important to mention that height of SHIB and DOGE ATH happened in a full-blown bull market. But PEPE’s hype occurred when the market was still struggling with recovery from a severe capitulation.

In terms of social volume, PEPE has been able to match DOGE and SHIB. However, discussions around the trending cryptocurrency have only been limited mostly to Twitter. 

During SHIB’s incredible run, word got out of the social media constraint. Santiment further recalled DOGE’s hype saying,

“While DOGE was discussed on national television, PEPE remains primarily confined to the realm of crypto Twitter.”

Trades in the trash

Although PEPE has been incredibly helpful to the portfolio of retail investors, the decline in value has left participation hanging in the balance. 

In actual fact, the overall market sentiment has significantly shifted away from PEPE. In considering retail involvement, on-chain data showed that the network growth of PEPE at its highest was 27,000.

The network growth acts as a measure of new addresses participating within a network. When the metric increases, it means more liquidity. When it’s lower, it infers a decrease in the money flow by new participants.

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For SHIB, the network growth was 64,500 at a time when its price brought joy to the hearts of investors. In only a short while, the retail landscape of PEPE has been hit with extinction. That was not the case when SHIB and DOGE were not in their off-season.

Source: Santiment