APE price rallies nearly 8% as ApeCoin sees surge in activity

ApeCoin active addresses doubled in the past 24 hours, crossing 2,500 on Monday.
The surge in address activity comes after APE holders realized over $47 million in losses last week.
APE price climbed nearly 8% to $1.98 on Monday.

ApeCoin price rallied to $1.98, and yielded nearly 8% daily gains and nearly 14% weekly gains for holders. Notable developments in ApeCoin include the three active proposals in the ApeCoin DAO and the $26.05 million token unlock that occurred on February 17.

Also read: ApeCoin joins hands with Arbitrum to build its dedicated blockchain ApeChain

ApeCoin on-chain metrics support gains

On-chain data from crypto intelligence tracker Santiment reveals that ApeCoin’s active addresses doubled in the past 24 hours. As of Monday, APE has 2,528 Active Addresses. This is the highest level in the past six months. A rise in address activity tends to signal APE is observing a surge in demand among market participants.

Network Realized Profit/ Loss, a metric used to determine the gains or losses realized by an asset’s holders, shows that on February 21, APE holders realized $47.43 million losses. This is marked by a large downward spike in the chart below. This move is indicative of a capitulation, typically followed by a surge in APE price, supporting the NFT token’s recent gains.

Active Addresses APE. Source: Santiment

APE’s large wallet holders, especially the cohort with 1 million to 10 million APE holdings, has recently shed the NFT token, while the cohort with 100,000 to 1 million APE accumulated, between February 1 and 26. This is significant as accumulation by the cohort holding between 100,000 to 1 million APE coincides and is reflective of the NFT token’s price rally. As holders in this cohort shed their holdings, APE price typically corrects.

If the trend repeats, APE price is likely to rally towards a local top.

ApeCoin Supply Distribution. Source: Santiment

APE price is $1.98 on Monday. The NFT token is likely to rally higher with the bullish signs from on-chain metrics.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram