After breaking out above $26 last year, ApeCoin has been one of the more under-appreciated assets of 2023. With APE’s price crawling back to $4, which is approximately 90% down from its previous all-time high, many traders have already dismissed the probability of its comeback. However, certain on-chain metrics presently indicate favorable growth factors which could eventually spark a fresh rally for the governance token.
ApeCoin’s Network Growth
According to information obtained from the crypto analysis platform Santiment, ApeCoin (APE) is experiencing the highest network buildup it has seen in the past two months. This comes on the backdrop of new 1,142 APE addresses being created on April 7 which is its largest since February 7.
The insight further suggests a similar pattern seen in another crypto platform, Stargate Finance. Following a stretch of elevated levels of activity across the network, the price of STG skyrocketed. The same is being predicted for ApeCoin’s native cryptocurrency as well.
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APE Price Action
According to the data provided by Santiment, there has been a rise in the amount of activity on APE, with token holders boosting their holdings of the cryptocurrency. This is a hint that retail investors are becoming involved, which might be a harbinger of a price spike when the market reacts positively to this development.
In light of this information, both the APE community and the larger cryptocurrency market have reacted favorably to the positive developments on the network. Even market participants are of the opinion that this may eventually result in a bullish scenario for the APE token. As things currently stand, the price of APE is exchanging hands at $4.34, which represents a gain of 0.12% over the past 24 hours in contrast to a drop of 0.09% recorded over the last seven days.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
