To APE or not to APE?
The ApeCoin did a nice 2x run from the recent bottom.
Is it able to keep up the pace?
1. There is a number of bearish divergencies evolving in onchain metrics:
Between price and DAA:
Between price and network growth:
And whale transactions count also suggesting the local top is probably done:
Why do we read it like this?
It's like a fuel for the rally is over. A healthy trend is built on higher highs both in price and onchain activity.
A case with whale transactions was backtested by Santiment earlier. Long story short: a spike in WTC often indicates a price top.
2. Wealthy APE holders are declining:
Though the decline starts with APE staking release in December.
3. Machibigbrother, a smart holder with a nice track record keeps destaking and selling his APE chunk by chunk:
4. We might also want to observe the APE staking contract balance itself:
Though it's relatively new, it's strong balance change might indicate something when it happens. Not yet.
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
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