The ApeCoin supply on exchange reached record high level since December:

Network realized profit/loss is almost completely underwater indicating possible exits in loss all the period:

Aligned with increasing transaction volume...

... and bearish sentiment within APE holders and towards NFT overall, what could it mean?

More on-chain data to analyze on a chart layout: https://app.santiment.net/s/loEcG-n3

An assessment of the profitability of leading metaverse tokens Apecoin [APE], Decentraland [MANA], and The SandBox [SAND] revealed that only APE holders have turned a profit so far this year.

The MVRV ratio for APE is currently positive at 15.81% and is trending upward, while the MVRV ratios for MANA and SAND are both negative at -59.77% and -33.31%, respectively, making them undervalued.

A coin is considered undervalued when the MVRV ratio is below 1, meaning that the current market capitalization is less than the total value of all coins that have been realized. In this case, if an investor sells MANA and SAND at their current market prices, he will realize losses on his investments.

Twitter: @AO15U

Two possible ideas to observe.

High onchain activity and lack of price reaction are noticed in APE and TON.

APE:

TON:

ApeCoin has launched staking, its address activity surge is healthy and expected. Unexpected is APE price not doing much. Similar for TON.

Chart: https://app.santiment.net/s/mIs9sjlr