Santiment, a leading analytics firm, has issued a report suggesting that ApeCoin (APE), the native token of the Bored Ape Yacht Club community, could be gearing up for a significant surge. The report indicates that APE’s network activity has been on the rise, which could be a precursor to an upward price move. The firm highlights that APE is displaying the same on-chain signal that decentralized exchange Stargate Finance (STG) exhibited last month before its almost 50% surge.
However, Santiment notes that although APE is giving off a bullish on-chain reading, the signal does not guarantee that the altcoin will rally. As the crypto market is unpredictable, there is no guarantee that this trend will continue. Nonetheless, APE could be the first to benefit if traders suddenly flip bullish on cryptocurrencies.
The Bored Ape Yacht Club is a popular NFT project on the Ethereum blockchain, with its native token APE being the basis for the project’s governance and value. Recently, the project has gained massive attention from investors and collectors, with the total value locked in its smart contracts surpassing $1 billion.
Santiment’s report on APE highlights that the increased activity on the network could be a sign that retail investors are getting involved, which could result in a price surge. The report compares APE’s current network activity to that of Stargate Finance, which experienced a massive rally after a period of increased network activity.
At the time of writing, APE is trading at $4.23, and its market capitalization stands at around $1.8 billion, according to CoinMarketCap. The altcoin’s current market rank is 128, and its trading volume is around $60 million.
Overall, Santiment’s report on ApeCoin suggests that there is a bullish sentiment building around the project, with the increased network activity being a significant factor. However, as with all investments, there are risks involved, and the crypto market is volatile and unpredictable. Investors should conduct their research before making any investment decisions.