APE’s Latest Network Growth Could Be a Sign of Things to Come

Santiment (@santimentfeed) tweeted this morning that Apecoin (APE) has been one of the assets that have kept themselves under the radar this year following its breakout above $26 last year. According to the tweet, many crypto traders have written the asset off as the altcoin’s price is back down to around $4.

Santiment also shared their latest Insights report for the crypto, and shared that APE’s recent network growth and address activity is worth watching.

The report started off by stating that increased activity on any blockchain network can serve as an early indication of things to come regardless of the recent volatility in the market. With regards to APE, token holders have been increasing their balances lately which suggests that retail investors are getting involved and there may be an APE price surge in the near future.

APE network activity growth (Source: Santiment)

The report did state, however, that there is no guarantee that this increased network activity for APE will result in a price surge given the unpredictable nature of the crypto market.

At press time, the price of APE stands at $4.23 after printing a 1.64% 24-hour loss according to CoinMarketCap. APE has also weakened against Bitcoin (BTC) by 1.92% and against Ethereum (ETH) by 1.69%.

APE’s daily trading volume has increased in the last 24 hours. Currently, the total daily trading volume for the altcoin is estimated to be $97,912,041, which is a 43.63% increase compared to yesterday’s volume.

The altcoin’s market cap stands at $1,561,736,887 – placing it at number 38 on CoinMarketCap’s list of the biggest crypto projects in terms of market cap.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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