• ApeCoin’s on-chain metrics indicate that a local top may be forming following a 78% rise over the past 6 weeks.
• Whale activity and staking contract deposits have tapered off, while there has been a decline in wealthy APE holders.
• As of press time, ApeCoin has a total market capitalization of $2.16 billion and sits atop the metaverse token leaderboard.
According to recent data from Santiment Analytics, ApeCoin’s on-chain metrics may be signaling a local top following an impressive 78% climb over the past six weeks. This rise has seen the token gain major ground, currently sitting atop the metaverse token leaderboard with a total market capitalization of $2.16 billion as of January 31.
Santiment has determined that a divergence in network growth and price is taking shape, indicating that a local top may have started to form around January 23. Whale activity has also been on the rise in the month of January, with a large number of APE sellers exiting at between $4.00 and $6.00. Additionally, the staking contract has seen a flattening of deposits over the last seven days, while wallets containing between 10,000 to 100,000 APE have also tapered since the APE staking release in December.
All of these factors point to a slowing of ApeCoin’s upward momentum, and although it is still too early to tell if the token has hit its peak, it is certainly a possibility. For now, traders will have to keep an eye on the token’s movements and look for changes in the on-chain metrics for further clues.