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ApeCoin Might Turn Out To Be 2023’s Biggest Surprise; APE’s Price Poised For Rally?

As ApeCoin's network growth and address activity increases, the price of APE might be on the verge of a significant uptick.
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ApeCoin Might Turn Out To Be 2023’s Biggest Surprise; APE’s Price Poised For Rally?

After breaking out above $26 last year, ApeCoin has been one of the more under-appreciated assets of 2023. With APE’s price crawling back to $4, which is approximately 90% down from its previous all-time high, many traders have already dismissed the probability of its comeback. However, certain on-chain metrics presently indicate favorable growth factors which could eventually spark a fresh rally for the governance token.

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ApeCoin’s Network Growth

According to information obtained from the crypto analysis platform Santiment, ApeCoin (APE) is experiencing the highest network buildup it has seen in the past two months. This comes on the backdrop of new 1,142 APE addresses being created on April 7 which is its largest since February 7.

The insight further suggests a similar pattern seen in another crypto platform, Stargate Finance. Following a stretch of elevated levels of activity across the network, the price of STG skyrocketed. The same is being predicted for ApeCoin’s native cryptocurrency as well.

Read More: Binance.US Faces Major Roadblock As Banks Refuse to Accept Customer Deposits

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APE Price Action

According to the data provided by Santiment, there has been a rise in the amount of activity on APE, with token holders boosting their holdings of the cryptocurrency. This is a hint that retail investors are becoming involved, which might be a harbinger of a price spike when the market reacts positively to this development.

In light of this information, both the APE community and the larger cryptocurrency market have reacted favorably to the positive developments on the network. Even market participants are of the opinion that this may eventually result in a bullish scenario for the APE token. As things currently stand, the price of APE is exchanging hands at $4.34, which represents a gain of 0.12% over the past 24 hours in contrast to a drop of 0.09% recorded over the last seven days.

Also Read: Ripple Becomes The Only Platinum Partner In Global CBDC Symposium; XRP Price Set To Rally?

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Pratik Bhuyan

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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