Recent developments on the altcoin ApeCoin highlight the activity in the cryptocurrency market. The doubling of active addresses for ApeCoin in the last 24 hours, surpassing 2,500 today, signifies a clear increase in market demand. This growth can be attributed to the price increase and potential demand surge following the losses of over 47 million dollars experienced by APE holders last week.
Why Did the Cryptocurrency APE’s Price Increase?
The rise of the altcoin APE to $2.08 today has provided its holders with a daily gain of 13% and a weekly gain of 20%. However, one of the factors behind this price increase of the cryptocurrency APE is significant developments such as three active proposals within the ApeCoin DAO and the unlocking of a token lock worth 26.05 million dollars on February 17th.
On-chain metrics for altcoin ApeCoin also support the recent gains. According to Santiment’s data, the active addresses for altcoin APE doubled in the last 24 hours, reaching 2,528, which is the highest level in the last six months. Additionally, the Net Realized Profit/Loss metric shows that on February 21st, altcoin APE holders incurred losses of 47.43 million dollars. However, the subsequent price increase can be interpreted as an indicator of accumulation, which often triggers an increase in asset prices.
Increase in Large Wallet Holders of Altcoin APE
The behaviors of large wallet holders are also noteworthy. Specifically, it has been observed that whales holding between 1 million and 10 million APE have been offloading ApeCoin recently, while wallets holding between 100,000 and 1 million APE appear to be accumulating. This suggests that the price of the cryptocurrency APE typically stabilizes after large wallet holders sell off their holdings.
In light of all these developments, the rise in APE’s price to $2.08 today is notable. With the bullish signals from on-chain metrics, the price of ApeCoin is likely to rise further. However, it’s important to remember that the market can always fluctuate, as a pullback in the altcoin APE price following the recent surge is noticeable.
At the time of writing, we see that the price of the cryptocurrency APE has retreated from today’s high level. The altcoin APE is trading at the price level of $1.95.
