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ApeCoin staking rewards cause a hype around APE; is a rally on the cards

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Source: StockAI


  • The excitement around APE reached its peak as the hype around the token increased
  • NFTs, such as BAYC and MAYC, observed growth 

The announcement of ApeCoin’s [APE] staking rewards increased the hype around the token. Subsequently, there was a lot of interest in the token and the NFTs associated with it.


  Read Apecoin’s [APE] Price Prediction 2023-24


BAYC and MAYC shoot ahead

Many people from the crypto community have tried to profit from staking rewards. The way users can get their hands on the rewards would be to become a part of any one of the four staking pools. 

One such method is to buy APE and commit it into the pool. Another way is to either be a holder of BAYC (Bored Ape Yacht Club) NFTs or MAYC (Mutant Ape Yacht Club) NFTs.

Because of the interest surrounding the staking rewards, many users have opted to buy these NFTs. According to Dapp Radar, BAYC witnessed a spike of 146% in terms of transactions and a surge of 111% in terms of unique active users until the time of writing.

The NFT collection’s floor price increased by 9.83% over the past month, according to NFT GO. Whales showed a sudden interest in the collection as well, as can be seen from the image below.

Source: NFT GO

The staking rewards launch not only affected the NFT collections but the APE token as well.  

ApeCoin whales get active

As can be seen in the image given below, it can be observed that daily active addresses for ApeCoin observed a massive spike over the last few weeks. Subsequently, ApeCoin’s network growth increased as well. This indicated that the number of wallets transferring APE for the first time had increased.

The token also garnered attention from whales. As evidenced by the chart below, the supply of APE held by top addresses increased significantly over the last few days.

Famous NFT whales, such as the Machi Big Brother, were observed to have $3.9 million worth of APE staked at the time of writing, according to data provided by lookonchain.

Source: Santiment

However, because of the increasing hype around the APE token, its Market Value to Realized Value (MVRV) increased significantly, as evidenced in the image below. This indicated that if most APE holders were to sell, they would book a profit while doing so.

There was also a declining long/short difference, which suggested that it would be short-term APE holders would gain the most from selling their APE.

Source: Santiment

 

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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