A leading crypto analytics firm has been doing very well in recent days, reaching an all-time high (ATH) at $19.46 yesterday. of ApeCoin (APE) He says a few metrics are warning that his big rally is nearing its end.
In a newly published blog post, Santiment notes that APE now has fewer active addresses than when it reached its previous ATH.
“Active addresses are less than the previous highest value.”
As Koinfinans.com reported, ApeCoin is an altcoin released by the developers of the Bored Ape Yacht Club non-fungible token (NFT) for the platform’s community. It is a metaverse coin project released in March to reward members of Apecon BAYC, to enable the platform to enter the metaverse and web3 space.
APE, one of the most trending projects of recent times, is trading at $18.14 with an increase of 1 percent compared to the last 24 hours and more than 53 percent compared to the previous week.
According to its analytics group, the new crypto asset has a lower trading volume as well as low active addresses.
Additionally, Santiment notes that the APE’s Market Cap to Realized Value (MVRV) ratio metric has also dropped compared to its previous price.
MVRV is used to show the average profit or loss of all coins in circulation at the current price and is calculated to arrive at the market value over the acquisition costs of the assets in a wallet. The value of MVRV gives an idea of whether an asset is undervalued or overvalued.
The analytics firm also examined the APE “age consumed” indicator, which shows the time elapsed since the last migration of a crypto-asset. According to Santiment, APE showed a large increase in age consumed, which is “a possible sign of a trend change”.
In the light of all these indicators, the company reached a conclusion, that one more step can be taken/can be taken upwards to attract more potential buyers. of the ApeCoin rally He guesses it won’t take long.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.