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

On Feb 1, 2023

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. — 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.

Credit: Source link