A leading analytics firm says that an Ethereum (ETH)-based altcoin that’s flying under the radar could be gearing up for a big surge.
In a new report, Santiment says that ApeCoin (APE), the native token of the Bored Ape Yacht Club community, is displaying the same on-chain signal that decentralized exchange Stargate Finance (STG) flashed late last month prior to its nearly 50% rally.
According to Santiment, APE’s network activity is on the up and up, which it says could be a precursor for a burst to the upside.
“We recently saw this with Stargate Finance. After a period of increased activity on the network, the price of STG surged. Could the same thing happen with Apecoin?
It certainly looks like it. We are seeing increased activity on APE, with token holders increasing their balances. This is a sign that the retail investors are getting involved, and that could be a sign of a price surge.”
Although APE is giving off a bullish on-chain reading, Santiment says the signal does not guarantee that the metaverse-focused altcoin will rally. However, Santiment says that APE could be the first out of the gate if traders suddenly flip bullish on crypto.
“Of course, there is no guarantee that this will happen. The crypto market is unpredictable, and anything can happen. But if the market decides to turn around, Apecoin could be in a prime position to benefit.
It worked for Stargate, and it could work for Apecoin. We’ll just have to wait and see.”
At time of writing, APE is trading for $4.23.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Featured Image: Shutterstock/Salamahin/Angelatriks
