It’s an odd day for metaverse tokens, little question about it. On one finish of the spectrum, there’s The Sandbox [SAND] which misplaced about 6.52% of its worth within the final day. On the opposite finish, nonetheless, there was ApeCoin [APE] which blasted rug pull theorists proper out of the water because it hit never-before-seen highs.
Let’s take a more in-depth take a look at the monkey fest.
Please don’t feed the wildlife
At press time, APE was swinging between merchants at $22.72, after capturing up by 11.71% in a day and rallying by 58.94% within the final week alone. These are unbelievable numbers, particularly as Bitcoin, Ethereum, and many of the prime 20 cryptos have been firmly within the crimson. At press time, APE was the #23 largest crypto by market cap.
As anticipated, ApeCoin volumes started spiking and have become, the truth is, nearly double of what they have been on the time of APE’s launch in March 2022. Whereas some corrections have been seen at press time, the token’s worth was nonetheless far above the place it was only a week in the past.
Supply: Santiment
Including to this, energetic addresses have been as soon as once more surging after a interval of stagnation. At press time, with round 24,000 24-hour energetic addresses recorded, this metric was nearly again to the all-time-highs seen when APE had simply newly launched.
Supply: Santiment
If that wasn’t sufficient, proof additionally pointed to APE leaving crypto exchanges since 27 April. Nevertheless, nearer to press time, there was additionally an uptick in APE returning to the exchanges, which means that many buyers are merely trying to take their earnings. As if on cue, APE’s worth noticed two giant dips.
Supply: Santiment
Preventing primal urges
It may be a area day for monkeys, however whales aren’t going to let go of such a profitable alternative. In reality, knowledge from Santiment revealed that whale transactions price over $1 million weren’t simply spiking, however had touched highs that weren’t seen even when APE launched. Contemplating that APE’s worth has dipped since then, nonetheless, one potential interpretation is that the whales are participating in profit-taking.
Supply: Santiment
All mentioned and finished, although, an excessive amount of of a superb factor may cause bother as nicely. Wu Blockchain reported that Binance had stopped APE lending as a result of “extreme demand.”
It’s vital to notice right here that Binance just lately concluded some promotions involving the [now] much-loved monkey token as nicely.
Binance has suspended the APE lending perform, and the web page reveals that as a result of extreme demand, the remaining quantity of APE obtainable for lending is inadequate. Coinglass knowledge reveals that APE is essentially the most liquidated coin outdoors of BTC and ETH up to now 24 hours.
— Wu Blockchain (@WuBlockchain) April 29, 2022
