February 7, 2023

  • ApeCoin officially started betting on its network and it only took a few hours to reach $20 million
  • APE’s NVT showed that circulation exceeded network value

Blockchain Development Company, Horizon Labsannounced 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, the Ether scan contract revealed that more than $20 million had been deposited and locked. This came despite APE’s inability to rise above its seven-day 2.93% drop in value.

ApeCoin bets on Etherscan

Source: Etherscan

Read ApeCoins [APE] price prediction 2023-2024

In APE we trust…

As development spread, there were interactions that suggested it could change the ApeCoin trajectory. However, data on the chain showed that conditions were far from what had been projected. Given the state at the time of going to press, Santiment showed that APE’s inflows to the exchange fell to 4,291. A simplification of this decline pointed to investors’ unwillingness to sell their holdings.

In contrast, the stock market outflow recorded more input than its counterpart. At the time of writing, the exchange’s outflow was 13,100. It was noteworthy to mention that this was also a drop in the last 24 hours.

However, the fact that it rose to 665,000 in the final hours of December 5 proved that there was some accumulation in portfolios. This was further evidenced by the aforementioned volume increase and the cessation of deposits.

ApeCoin exchange inflows and outflows

Source: Sentiment

Within the period the strike went live, the idea would have been a spike in active addresses. However, Glassnode data showed that the number of active addresses did not respond appreciably. According to the information on the platform, there were 2,116 active addresses.

This was a slight increase from 4 December. Nevertheless, the implication did not translate into more interaction with the ApeCoin network.

Exceptional health, prolonged pain

With regard to network growth, Santiment showed that ApeCoin noticed an increase in this regard. At the time of writing, network growth had risen to 587. Since this was a heavy increase, it implied 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 in circulation down massively. With 52,961, it implied there was no guarantee that APE’s long-term protection would result in a favorable price trend. Because it did not have a high value, it indicated that its circulation was higher than the network’s valuation.

So this meant that APE investors looking to hold on for the long haul may need more than more staking activity.

ApeCoin Network Growth and Transaction Circulation Network Value

Source: Sentiment

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