Crypto analytics platform Santiment drew attention to last year’s prominent altcoin, ApeCoin (APE), in a recent analysis. According to Santiment, the altcoin could be on the verge of a big move.
ApeCoin lost the relevance it gained after coming to the fore in 2022, given a relatively quiet period of network activity. But that seems to be changing, according to Santiment. It reveals that analytics platform ApeCoin (APE) has seen massive network growth in two months. laid.
Network growth and address activity are metrics that need to be closely monitored, according to shared analysis. Santiment used the following statements on the subject:
“When there is increased activity in the network, it could be a sign of something big about to happen.”
Besides, 1,142 new APE addresses created on 7 April are the highest recorded since 7 February. Santiment reports that it has boosted activity in APE as altcoin holders increase their balances. According to the analysis, this could be a sign that individual investors are stepping in and that a price hike is also imminent.
Santiment also included an example in its analysis. Stargate Finance (STG) had also seen a tremendous price increase after a period of increased activity in its network. Santiment speculates that this could happen in the case of ApeCoin as well, claiming that ApeCoin could be in a prime position to benefit even if the market decides to reverse. However, the unpredictability of crypto markets can undermine this assurance.
On the other hand, ApeCoin had risen to $ 27.78 on April 28, 2022. The development that triggered this rise was Yuga Labs Otherside, which raised $285 million by selling NFTs: the firm used ApeCoin to price the NFTs.
ApeCoin broke the trend after industry failures and macroeconomic uncertainty that swept the markets last year; APE is currently trading at about one-sixth of its April 2022 peak. However, it continues to hold its place among the top 100 cryptocurrencies by market cap.
You can follow the current price action here.