Big move imminent for Ethereum-based Altcoin, according to Analytics firm Santiment
A leading research firm says an Ethereum (ETH)-based altcoin that has been flying under the radar could be poised for a big surge.
In a new report, Santiment says ApeCoin (APE), the initial token of the Bored Ape Yacht Club community, is showing the same chain signal that decentralized exchange Stargate Finance (STG) flashed late last month before its nearly 50% rally.
According to Santiment, APE’s network activity is on the up and up, which it says could be a precursor to a breakout to the upside.
“We recently saw this with Stargate Finance. After a period of increased activity online, the price of STG rose. 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 retail investors are getting involved, and it could be a sign of a price rise.”
Although APE gives off a bullish reading on the chain, Santiment says the signal doesn’t guarantee the metaverse-focused altcoin will rally. However, Santiment says APE could be the first out of the gate if traders suddenly turn 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, Apecoin could be in a prime position to take advantage of it.”
It worked for Stargate and it could work for Apecoin. We’ll just have to wait and see.”
At the time of writing, APE is trading at $4.23.
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Featured image: Shutterstock/Salamahin/Angelatriks
