cryptoslate.com
ApeCoin may have hit a local top after a steady climb of 78% over the past six weeks, according to Santiment Analytics.
The research firm said a divergence between network growth and price is taking shape, which may lead to downward pressure on the token, indicating that a local top may have started to form around January 23.
Whale activity may be another indicator of a local top. In the month of January, whale activity rose significantly with the number of $APE sellers exiting at between $4.00 and $6.00.
The staking contract has also seen a flattening of deposits over the last seven days.
Wallets containing between 10,000 to 100,000 $APE have also tapered since the $APE staking release in December.
As of press time, $APE is up more than 2x since hitting its low of $2.63 in November 2022.
ApeCoin currently sits atop the metaverse token leaderboard with a total market capitalization of $2.16 billion as of January 31.