The ZRX shows an interesting pattern.

The initial price increase is followed by very light increase in the daily active addresses. Only close to the top we see massive spike(s).

Also interesting to see how the decrease in DAA is much more correlated to the price decrease (compated to the price increase and grow of DAA).

It can be explained from the behaviour aspect as follows. The idea of decentralized exchanges/protocols is still mostly viewed positively only by the core crypto community (that's why we don't see much increase during the initial price growth). Yet the topic of DEXes itself is pretty easy to "pump" and it does happen (as usual) close to the top, where the "uneducated crowd" jumps on the moon shuttle. The same crowd also stops being active on-chain very fast too.

Bottom line for now. We have pretty good potential for the price growth in ZRX. Crowd is still not on-board..