The InTothebLock market intelligence platform has revealed how Pepe and other Memecoins are currently going through a decrease in the activity on the chain.
Pepe has seen a noticeable decrease in the recently active headlines
In new mail In X, InTothheblock talked about how to compare small symbols and mechanicals in the coded currency sector with 1 layer networks in terms of activity.
An indication of the chain of importance here is “active addresses”, which tracks the total number of titles participating in a type of transactions activity on a specific network every day. The scale takes into account both messengers and receptors.
When the value of this indicator is high, this means that there are a large number of addresses involved in Blockchain transportation. This trend indicates that the user’s interest in the original is high.
On the other hand, the low scale means that many investors may not pay attention to the encrypted currency because a few of them offer activity on the series only.
Layer 1 networks (i.e., have seen Blockchains that can work independently of anything else) the previous type of trend in recently active addresses. “Despite the descending price trends, the activity on the chain of the 1 layer such as Ethereum, Avalanche and Litecoin is still strong,” explains the analysis company.
Below is the graph that shows the trend in the value of the index for Ethereum during the past few years:
The value of the metric seems to have been consolidating since a while now | Source: IntoTheBlock on X
As visible in the graph above, the active address scale was climbing for ETAREUM recently, which means that Blockchain continues to receive more activity from users even with low price.
While ETH and the other layer have enjoyed this growth on the chain, the small symbols were not very fortunate. IntothLock also notes, “Small symbols and mechanics quickly lose steam as new users enter the space, highlighting the contrast between networks with strong basics and those paid primarily by noise.”
Below is the PEPE -active headline graph, which displays this trend.
Looks like the value of the metric has been going downhill in recent weeks | Source: IntoTheBlock on X
From the graph, it is clear that the active headlines reached their climax for Pepe in November last year, and since then they have followed a decline. The decline in the index coincided with the decline in the mechanical, so it seems that the withdrawal of prices may be what users are afraid of the network.
Baby price
At the time of writing this report, PEPE floats about $ 0.0000093, a decrease of about 4 % in the past seven days.
The price of the coin appears to have gone down recently | Source: PEPEUSDT on TradingView
Distinctive image from Dall-I, IntothBlock.com, Chart from TradingView.com
