- ApeCoin officially started staking on its network and it only took a few hours to reach $20 million
- APE’s NVT showed that the circulation exceeded the network value
Blockchain development company, HorizenLabsannounced that the long-awaited ApeCoin [APE] strike was finally live. According to the update, the pre-commitment period had begun.
In less than 20 hours will Etherscan the contract showed that over $20 million had been deposited and locked up. This happened despite APE’s inability to rise above its seven-day decline of 2.93%.
Read ApeCoin’s [APE] price prediction 2023-2024
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As the development spread, there were interactions that suggested it could change the ApeCoin trajectory. However, data from the chain revealed that the circumstances were far from what had been predicted. Given the state at press time, Santiment showed that APE’s exchange inflows fell to 4,291. A simplification of this fall indicated investors’ unwillingness to sell their holdings.
In opposition, the stock exchange outflow registered more input than the counterparty. At the time of writing, the exchange output was 13,100. It was noteworthy to mention that this was also a decline in the last 24 hours.
However, the fact that it rose as high as 665,000 in the final hours of December 5 proved that there had been some accumulation into wallets. This was further proven by the increase in volume and the stake deposits mentioned earlier.
During the period when the effort was published, the idea would have been an increase in active addresses. However, Glassnode data knew that the number of active addresses did not respond in any significant way. According to the information on the platform, there were 2,116 active addresses.
This was a small increase from 4 December. Nevertheless, the implication did not translate into increased interaction with the ApeCoin network.
Exceptional health, prolonged pain
In relation to the network growth, Santiment showed that ApeCoin recorded an increase in this regard. At the time of writing, the network growth was up to 587. As this was a weighty increase, it suggested that new entries into ApeCoin’s network had helped improve the health of the ecosystem.
In other parts of the chain, ApeCoin’s Network Value to Transaction (NVT) was circulating massively down. At 52,961 it suggested that there was no guarantee that the long-term protection of APE would result in a favorable price development. Since it was not of high value, it indicated that the circulation was higher than the value of the network.
Therefore, this meant that APE investors who want to hold for the long term may require more than increased betting activity.