Daily active users in the $PEPE token set a record high, which was above 20,500 on Wednesday, as IntoTheBlock reported. A sharp increase in the overall number of users means that more people have become interested in and engaged with this memecoin, proving its relevancy and applicability in the competitive space of cryptocurrencies.
$PEPE hit a new high in terms of daily active users, surpassing 20.5k users on Wednesday pic.twitter.com/rCkoFq3CtD
— IntoTheBlock (@intotheblock) November 14, 2024
$PEPE’s Record-Breaking Day
In terms of the daily active addresses, one of the indicators to measure the activity and adoption level of the blockchain-based asset, the number of users reached a record high on November 13, 2024.
The growth trend is depicted in a graph taken from IntoTheBlock, where active users shoot to the roof to set a new token record. This recent spike, therefore, comes as a gradual rise from a more predictable pace with past higher rates of activity recorded earlier in the year. But this week, the trading volume has gone even higher than in previous weeks, which set $PEPE as one of the most traded tokens in the crypto sphere.
Factors Driving User Growth
While it is still uncertain why there is a marked increase in the use of $PEPE, several reasons may contribute to the growth of it. The meme coin sector, to which $PEPE belongs, has recently re-established itself as one of the most commented-on and sought-after tokens that mostly ride on popularity on social media, intending to make extremely quick trades. New activities related to developing the community or marketing within it might have contributed to more people interacting with the token.
Future Outlook for $PEPE
The number of active users is increasing, which indicates that $PEPE is growing in popularity and can attract more users if the increase in daily active users is consistent. From investor’s and enthusiast’s perspectives, this means that memecoin is on an upward trajectory and it shall remain relevant in the constantly evolving marketplace.
