On-chain data of the popular metaverse and NFT coin ApeCoin (APE), which Turkish crypto money investors also include in their portfolios, gives signals. According to crypto analytics platform Santiment, on-chain analysis of the altcoin project’s active addresses indicates a local peak.
Santiment: ApeCoin may have reached a local top
cryptocoin.comAs you follow, cryptocurrencies started the new year with a strong rally. The leading crypto Bitcoin (BTC) made a run from $ 16 thousand to $ 23 thousand. In this process, the performance of metaverse coins was also impressive. Among them is ApeCoin (APE), one of the favorites of Turkish crypto investors. However, according to analytics platform Santiment Analytics, ApeCoin may have hit a local top after a steady 78% rise over the past six weeks.
The research firm states that a divergence between network growth and price is taking shape. He also suggests that this could lead to downward pressure on the altcoin. He notes that this indicates that a local summit may have started to form around January 23.
What are the indicators for altcoin?
Also, whale activity could be another indicator of a local peak, according to the analytics firm. In January, when the price was between $4.00 and $6.00, whale activity increased significantly along with the number of APE vendors.
Meanwhile, the staking contract has also seen flattening in deposits over the past seven days.
In addition, wallets containing 10,000 to 100,000 APEs have also decreased since the APE staking release in December.
ApeCoin currently sits at the top of the metaverse coin chart with a total market cap of $2,096 billion. As of press time, APE was trading at $5.70, down 4.29% on a daily basis. However, the altcoin has more than doubled since dropping to $2.63 in November 2022. However, it stands 85.5% below its all-time high of $39.40, which it reached about 10 months ago.
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