According to Santiment Analytics, ApeCoin may have reached the local top after posting a steady 78% gain over the past six weeks.
The research firm said that network growth and price divergences were forming, which could put downward pressure on the token, indicating that local tops may have started forming around January 23. I’m here.
Whale activity may be another indicator of local tops. January saw a significant increase in whale activity, with the number of APE sellers closing between $4.00 and $6.00.
The staking contract has seen deposits level off over the past seven days.
Wallets containing between 10,000 and 100,000 APEs have also decreased since the release of APE staking in December.
At the time of writing, APE has more than doubled since hitting a low of $2.63 in November 2022.
ApeCoin currently sits at the top of the Metaverse Token Leaderboard with a market cap of $2.16 billion as of January 31st.
Post-ApeCoin on-chain metrics point to local tops after a 78% rise in six weeks – Santiment first appeared on CryptoSlate.