Recall that the rise of PEPE was accompanied by a significant increase in speculative trading activity and frenzied buying. And around the same period, the BTC value dropped and consolidated.But Bloomberg highlighted that this type of market behavior is often associated with euphoria and can be a warning sign of anUsually, when investors rush into an asset solely driven by hype and Fear Of Missing Out , it can create a speculative bubble that is vulnerable to sharp price corrections.
And since PEPE lacked any utility apart from community support, a drop in the excitement level could distort the market. In a segment of the report, Joe Rotunda opined that the drawdown has now affected investors’ ability to chase opportunity zones with other assets.despite its 2,8931% hike in the last 30 days. At press time, the token’s value was $0.0000017. However, the price was not the only part that has been affected by a decline.had also flattered. At the time of writing, the metric, which once skyrocketed to 2.91 billion, had decreased to 414.24 million.
The network growth describes the number of new addresses that have been involved in transacting the token for the first time. At press time, the network growth was down to 1108.