ApeCoin’s on-chain metrics point to local top following 78% climb over 6 weeks

ApeCoin may have hit a local top after a steady climb of 78% over the past six weeks, according to Santiment Analytics.

The research firm said a divergence between network growth and price is taking shape, which may lead to downward pressure on the token, indicating that a local top may have started to form around January 23.

APE Price vs. Network Growth, source: Santiment Analytics — APE Price vs. Network Growth (Source: Santiment Analytics).

Whale activity may be another indicator of a local top. In the month of January, whale activity rose significantly with the number of APE sellers exiting at between $4.00 and $6.00.

APE Price vs. Whale Transactions Count (>$100k USD) (Ape). Source: Santiment Analytics. — APE Price vs. Whale Transactions Count (>$100k USD) (Ape). (Source: Santiment Analytics).

The staking contract has also seen a flattening of deposits over the last seven days.

APE Staking Contract itself. (Source: Santiment Analytics).

Wallets containing between 10,000 to 100,000 APE have also tapered since the APE staking release in December.

Wealthy APE Holders Are Declining. (Source: Santiment Analytics).

As of press time, APE is up more than 2x since hitting its low of $2.63 in November 2022.

ApeCoin currently sits atop the metaverse token leaderboard with a total market capitalization of $2.16 billion as of January 31.

Posted In: Analysis, Tokens, Web3

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Bookmark (0)