ApeCoin’s on-chain metrics point to local top following 78% climb over 6 weeks – Santiment
ApeCoin’s on-chain metrics point to local top following 78% climb over 6 weeks – Santiment
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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).
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).
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.
The post ApeCoin’s on-chain metrics point to local top following 78% climb over 6 weeks – Santiment appeared first on CryptoSlate.
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