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
On-chain analysis of ApeCoin's active addresses, network growth, whale behavior may indicate that a local top is in, according to Santiment.
2 min read
Updated: Feb. 1, 2023 at 3:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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.
The staking contract has also seen a flattening of deposits over the last seven days.
Wallets containing between 10,000 to 100,000 APE have also tapered since the APE staking release in December.
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.
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Dorian Batycka
Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.
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