Following its surge past $26 in 2022, ApeCoin has not received the attention it deserves in 2023. Despite dropping to around $4, a decline of nearly 90% from its previous peak, many traders have given up on the asset's chances of recovering. Nonetheless, some on-chain metrics suggest positive growth indicators that could potentially trigger a new rally for the token used for governance purposes.
ApeCoins Network Growth
Data from Santiment, a crypto analysis platform, indicates that ApeCoin (APE) is currently witnessing a surge in network growth not seen in the past two months. The network has seen the creation of 1,142 new APE addresses on April 7, which is the largest number since February 7.
A similar pattern was observed on another crypto platform, Stargate Finance, where increased network activity led to a significant surge in the price of STG. Analysts are predicting that ApeCoin's native cryptocurrency may experience a similar outcome due to the current high levels of activity on its network.
APE Price Action
Recent data from Santiment suggests an increase in APE activity, with token holders accumulating more of the cryptocurrency. This could indicate growing involvement from retail investors, which may lead to a price surge if the market responds positively to the development.
The APE community and the broader cryptocurrency market have responded positively to this news. Some market participants anticipate a bullish scenario for the APE token. Currently, APE is trading at $4.34, up 0.12% over the past 24 hours and down 0.09% over the last seven days.
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