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

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.