On-chain data shows that the network is steadily growing, with active addresses and transaction volume increasing. Moreover, the data shows that this growth is driven by many individual investors rather than whales, who are holding onto their coins rather than trading them on exchanges.
The Apecoin staking contract is also gaining traction, with more and more coins being locked up in the smart contract. This indicates a shift in investor sentiment towards HODLing rather than trading in the short term. However, some bearish divergences are emerging between the price of Apecoin and key on-
The Apecoin staking contract has also seen considerable usage since its launch, with more and more coins being locked up in the smart contract. This indicates a shift in investor sentiment towards HODLing rather than trading in the short term.
Apecoin has seen an impressive surge in price over the past six weeks, and on-chain metrics suggest that a large base of individual investors drives network growth. The staking contract is also gaining traction, indicating that HODLing may soon become a more dominant trend.
Additionally, the decline in wealthy APE holders and the increase in smaller investors could signal a shift to a more democratic market.
Some bearish divergences between price and on-chain metrics are still emerging. The decline of wealthy APE holders started with the launch of the staking contract. In addition, Machibigbrother, a smart holder with a solid track record, has been destaking and selling his chunk by chunk.
Conclusion
Overall, Apecoin has seen an impressive surge in price over the past six weeks, driven by a large base of individual investors. As a result, Staking is becoming increasingly popular, and HODLing may become a more dominant trend.
However, some bearish divergences between price and on-chain metrics are emerging, which could indicate a shift to a more democratic market. Keeping an eye on these developments will be key to understanding where Apecoin is heading.
Disclaimer: All information provided within this article is merely an opinion and in no way constitutes professional financial advice.
Therefore, it’s highly recommended that you seek advice from a professional financial advisor before making any investment decisions. In addition, cryptoassets and other investments are highly volatile, and all investors should do their due diligence before investing.
