As ApeCoin [APE] metrics surge, should investors wait for an upward trend
The sudden increase in certain metrics for ApeCoin [APE] caught many off-guard, especially since there had been no significant activity for quite some time. In 2022, ApeCoin broke into the $20 range, and it seemed reasonable to assume that the upward trend would continue. However, it didn’t quite play out that way. The question now arises: is this recent development a sign of an impending upswing?
Read ApeCoin’s [APE] Price Prediction 2023-24
According to data provided by Santiment, on 7 April, there was a notable surge in two important metrics for ApeCoin: 24-hour active addresses and network growth.
The 24-hour active address metric remarkably increased, surpassing 6,000 for the first time in several weeks. As of this writing, the number of active addresses has exceeded 2,700. The number indicated a notable shift in activity within the community.
Source: Santiment
The network growth of ApeCoin also experienced a surge, reaching a level that had not been observed in quite some time. The metric shot up by more than 1,000, suggesting an influx of new addresses joining the ApeCoin network.
Aside from the spikes above, there was an uptick in APE‘s activity, as evidenced by an increase in user token balances. This development indicated that retail investors were becoming more interested in ApeCoin, which may be a promising sign of a potential price surge.
Despite the significant spikes observed in other ApeCoin metrics, the trading volume did not reflect signs of increased activity. As of this writing, the volume was around 85 million, with a decline instead of an upward trend. Nevertheless, a sustained uptrend in the price of ApeCoin will likely require a convergence of all these metrics.
Source: Santiment
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