- Launch of Horizon Labs Apecoin advance deposit [APE] Bet on December 5th.
- In anticipation of the launch, new demand for APE has increased.
- Investors take profits as prices go up.
Follow-up to Horizon Laboratories emphasis This pre-deposit is for Apecoin [APE] Staking was scheduled to be made available on November 5, and the metaverse token has since recorded significant on-chain activity, data from Santiment revealed.
Read the ApeCoin price forecast 2023-24
Since Horizen Labs gave its latest update on November 24, APE has seen an influx of new demand fuel its network growth. Since then, the number of new daily headlines on the Internet has increased by 84%. This showed that investors were hoarding APE tokens before November 5 to maximize the return on their stakes.
Historically, APE’s burst of network growth and corresponding price hikes have previously marked peaks and troughs. In August, alt saw a huge spike in new addresses after a price hike, marking alt’s local peak at that time.
After the internal collapse of FTX, APE also saw a surge in network growth, but this marked a recent bottom in the wake of the general cryptocurrency market trend.
Therefore, the current increase in demand for APE may alternatively mark another local high or low.
As the accumulation of APE and the price grew, data from Santiment showed that active withdrawals also increased. Trading at $3.97 at the time of writing, the price of APE is up 19% over the past week, making it the metaverse token with the highest gains, according to data from CoinMarketCap.
Benefiting from the price growth, active withdrawals have since increased by more than 900% in just seven days. In August, when alternatives consolidated the local top, active withdrawals increased, indicating that retailers sold their APE holdings at the top.
Whales and shrimp reacted differently to the Horizen Labs update. Data from Santiment revealed that major addresses with APE tokens have continued to reduce APE holdings since the unexpected crash of FTX at the beginning of the month. Even with the expected launch of the APE Project, they continued to drop in numbers.
According to Santiment data, since November 12, the number of election addresses containing 100,000 to 1,000,000 APE tokens has decreased by 10%.
On the other hand, retailers keep piling up before the launch date. Since November 6th, the number of addresses containing 100 to 100,000 APE tokens has increased by more than 15%.
Finally, an assessment of APE’s MVRV ratio on a 30-day moving average indicated that the market was in the most challenging territory. Historically, the price of APE will drop at this point after forming a local top.