in

Crypto Hot News ApeCoin’s [APE] +50% rally – Can it really keep it up?

Hot Crypto News Today ApeCoin’s [APE] +50% rally – Can it really keep it up? You Must Read To Get More Information For Trading and Investment.

ApeCoin, the native token for the BoredApeYachtClub NFT project, was the best-performing cryptocurrency over the past week. In just a week, it surged by more than 50% as the platform’s developer community hinted at a major metaverse project. Following the same, APE rallied close to a high of $18, even surpassing Decentraland’s MANA to become the market’s largest metaverse token.

That being said, a few on-chain metrics observed significant divergence for the flagship token. Something that might prompt a sell-off soon.

Trend change for the worse?

For instance, a recent Santiment report cautioned users who might be completely bullish on the trending APE coin. Given the previous rally, the report questioned the sustainability of this rally by highlighting a few divergences in APE’s on-chain data.

Perhaps, the most widely used and equally significant on-chain metric for APE’s price is the Market Value to Realized Value (MVRV) model.

Crypto Hot News ApeCoin’s [APE] +50% rally – Can it really keep it up?

The MVRV ratio over the given period remains HIGH. Values above one indicate that the market cap is larger than the realized one. Very high ratios here showcased an overvalued market. This could incorporate the increasing risk of a potential sell-off.

Additionally, the token’s Network Growth was stagnant, as per the report. In fact, it even declined at press time. Post-achieving a high of 2000+ on 20 April, it seemed to be somewhere around the 900-mark.

Crypto Hot News ApeCoin’s [APE] +50% rally – Can it really keep it up?

Now, to make things or rather metrics worse, APE’s trading and social volume couldn’t reciprocate the same bullishness that accompanied APE’s 50% rally. Both these metrics kept consolidating, as shown in the graphs below.

Crypto Hot News ApeCoin’s [APE] +50% rally – Can it really keep it up?

Taking a jibe 

The token, at the time of writing, had suffered a 2% price correction as it traded around the $16.2-mark.

Even so, different renowned investors have reiterated some concerns about the project. Popular crypto-influencer Cobie opined that the governance proposal for ApeCoin staking might not be the best way forward for the affiliated token. In a blog post titled “the death of staking,” Cobie took a swipe at the concept of the Bored Ape affiliated token.

Nevertheless, it didn’t quite deter investors’ morale as the number of unique addresses that hold assets in the network kept increasing.

Crypto Hot News ApeCoin’s [APE] +50% rally – Can it really keep it up?
Read more Crypto Hot News here.
Watch free hot girl asia stock quality Photos on hotgirl.asia Crypto Hot News ApeCoin’s [APE] +50% rally – Can it really keep it up?

What do you think?

Written by thegamefi

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

Crypto Hot News Chainlink, VeChain, EOS Price Analysis: 24 April

Crypto Hot News Cardano: Analyzing ADA’s case as an excellent multibagger candidate