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.

APE price and network growth, source: Santiment Analytics
APE price versus network growth (Source: Santiment Analytics).

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.

92a413367d7beccbea79936379f8ef0283470efd20304de5a46dae98898d9965 1675187641875 ApeCoin APE 18.52.34 31 Jan 2023$100,000) (Ape). Source: Santiment Analytics. ” width=”1024″ height=”347″ />
APE price and number of whale trades (>$100,000) (Ape). (Source: Santiment Analytics).

The staking contract has seen deposits level off over the past seven days.

The APE staking contract itself.
The APE staking contract itself. (Source: Santiment Analytics).

Wallets containing between 10,000 and 100,000 APEs have also decreased since the release of APE staking in December.

Wealthy APE holders are declining
Wealthy APE holders are declining. (Source: Santiment Analytics).

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.


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