Connect with us
Active Currencies 13943
Market Cap $2,374,489,241,016.55
Bitcoin Share 51.60%
24h Market Cap Change $0.03

Here’s how ApeCoin’s new staking update will translate APE’s fortunes

2min Read
Here's how ApeCoin's new staking update will translate APE's fortunes

Share this article

  • ApeCoin has announced dates for the launch of staking after fixing bugs
  • While social volume and engagements have risen, weighted sentiment and whale interest declined

ApeCoin, in a recent update, announced the dates on which staking for ApeCoin will be launched. This launch may result in hype around the altcoin $APE, something that may also impact its price action positively.

Read ApeCoin’s [APE] Price Prediction 2022-2023

According to the aforementioned tweet, APE staking will go live on the 12th of December. Leading up to this date, interest in the token may continue to grow on the charts.

For instance, on the social front, ApeCoin did see growth. According to LunarCrush, a social media analytics firm, ApeCoin’s social engagements increased by 42.4% over the past week. Coupled with a growing number of engagements, ApeCoin’s social volume recorded a spike too, with the same evidenced by Santiment’s charts.

However, despite ApeCoin’s appreciation on the social front, its weighted sentiment continued to decline. A declining weighted sentiment suggested that the crypto-community had more negative than positive things to say about ApeCoin, at the time of writing.

Source: Santiment

Along with the declining weighted sentiment, NFTs affiliated with ApeCoin also had a tough time in this market. NFTs such as BAYC, MAYC, and Crypto Punks exhibited volatility in terms of floor price and volume over the past few days.

According to NFTGO, BAYC’s volume depreciated by 32% over the last 7 days. MAYC’s volume depreciated by 50.87% as well over the same time period.

In fact, the number of sales for MAYC fell as well. Figures for the same declined by 54.79% over the last 7 days. Along with that, the number of transfers and liquidity of the NFT collection depreciated as well.

Source: NFTGo

Another cause of concern for ApeCoin investors would be the decline of interest from whales.

It can be observed that the supply held by top addresses significantly reduced over the past few days, implying that large addresses began to lose interest in the token. Along with that, the MVRV ratio was negative as well, underlining that if a majority of APE holders decided to sell their holdings, they would be incurring a loss. 

However, ApeCoin’s velocity registered a spike too. This revealed that the frequency at which APE is being exchanged among addresses has increased lately.

Source: Santiment

It remains to be seen whether the introduction of staking will help APE overcome the obstacles in its path to growth.

At the time of press, APE was trading at $3.39, with its value having appreciated by 2.88% in 24 hours.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.