ApeCoin might have hit an area high after a gentle climb of 78% over the previous six weeks, in accordance with Santiment Analytics.
The analysis agency mentioned a divergence between community development and value is taking form, which can result in downward strain on the token, indicating {that a} native high might have began to type round January 23.
Whale exercise could also be one other indicator of an area high. Within the month of January, whale exercise rose considerably with the variety of APE sellers exiting at between $4.00 and $6.00.
The staking contract has additionally seen a flattening of deposits over the past seven days.
Wallets containing between 10,000 to 100,000 APE have additionally tapered for the reason that APE staking launch in December.
As of press time, APE is up greater than 2x since hitting its low of $2.63 in November 2022.
ApeCoin at the moment sits atop the metaverse token leaderboard with a complete market capitalization of $2.16 billion as of January 31.
The put up ApeCoin’s on-chain metrics point to local top following 78% climb over 6 weeks – Santiment appeared first on CryptoSlate.
