ApeCoin (APE) active addresses surge following recent $47M capitulation

ApeCoin ($APE) witnesses noteworthy growth, with active addresses more than doubling over the past day. The memecoin project has 2,530 engaged addresses, reflecting the highest figure over the past six months.

$APE price, 24hr active addresses, & realized profit/loss on Santiment

The increased wallet activity suggests soaring demand for $APE among crypto enthusiasts.

Meanwhile, that comes after ApeCoin holders suffered massive losses last week. The Network Realized Loss/Profit indicators show $APE investors realized losses of $47.43 million on Feb 21. That confirmed capitulation, which precedes price upswings, supporting ApeCoin’s latest gains.

ApeCoin whales have accumulated lately, with the 100K to 1 million category making significant purchases between Feb 1 and 26. That shows large-scale investor trust in $APE’s upcoming trends.

ApeCoin price outlook

$APE gained 12% over the past 24 hours to hover at $2.02 at press time. Its daily trading volume jumped 165% in the same timeframe to $167,218,989.

The NFT coin remained elevated lately, soaring 15% in the past seven days. Some of the latest developments on the ApeCoin blockchain include the Feb 17 $26.05 million unlock event and the active DAO proposals.

Furthermore, ongoing crypto market revival and ApeCoin DAO’s latest move to enhance $APE’s ecosystem catalyzed bullishness around the project.

$APE’s price charts display bullish dominance, signaling continued uptrends in the up-and-coming sessions.

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