ApeCoin (APE), the new digital coin dedicated to the Bored Ape Yacht Club (BAYC), has been trending on social media over the weekend. According to a tweet by on-chain and social metrics platform Santiment, the BAYC native governance token is up over 52% in the weekly chart.
$APE Faces a Massive Price Surge
$APE recently smashed its previous price record to reach a new all-time high (ATH) at $17.30. The surge saw the coin climb up the crypto rankings and claim the 31st spot on Coinmarketcap.
Since dropping this past March, the token has made waves in the crypto space, primarily riding on its connection with the popular BAYC NFT collection. ApeCoin has since taken flight, fuelled by solid buying pressure from crypto and NFT investors looking for a ticket into the illustrious BAYC ecosystem.
ApeCoin Shows Divergences in Several Key Metrics
The latest Santiment insights reveal significant divergences in ApeCoin data that crypto market participants should watch.
Firstly, analysis from the platform highlighted a massive movement of dormant $APE tokens during the local top hit on April 23. Some of the largest transactions were deposits from cold storage to the Binance exchange.
The massive spike in transaction activity indicates that $APE holders could be getting ready to take profits off the table.
Other interesting divergences in the on-chain data include fluctuating active addresses, which have decreased compared to the level during the previous ATH. Meanwhile, the “Age Consumed” $APE metric has seen a significant spike in the last 24 hours, pointing to a possible reversal of the recent uptrend.
Analysts from Santiment predict the rally could gain steam in the short-term to attract more potential holders before a massive sell-off ensues.
Whales Control Over 50% of $APE Current Supply
ApeCoin has been one of the most successful cryptocurrency projects over the past month, onboarding a large community of crypto and NFT enthusiasts. The BAYC-infused token currently has nearly 50k holders, according to coincarp.com.
When ApeCoin launched last month, the developers opted to reward BAYC NFT owners with free $APE tokens. The project pledged to distribute 150 million $APE to NFT holders via an airdrop system.
While the airdrop sought to appreciate early investors in the BAYC ecosystem, it has resulted in a large concentration of whales. According to Coincarp’s $APE rich list, the top 100 ApeCoin wallets hold over 52% of the approximately 284 million tokens in circulation.
Furthermore, the data reveals that the top 10 wallets have custody of over 26 million $APE, equating to about 9.16% of the circulating tokens. The most prominent whale address has control of a whopping 3.03% of the current supply.
ApeCoin Continues to Enjoy High Trading Volume
The recent ApeCoin bull run has seen the token knock significant milestones, the top among which was breaking above its previous ATH. Moreover, the project has logged a staggering $1.93 billion in 24-hour trading volume, per data from Coinmarketcap.
$APE derives its success from the direct connection to the Bored Ape Yacht Club, an exclusive and expensive NFT collection that has gained popularity among celebrities.
Source: https://crypto.news/apecoin-ape-price-new-high-movement-dormant-tokens/