- The staking on ApeCoin’s network was formally launched, and it only took a few hours to reach $20 million.
- The NVT for APE demonstrated that circulation outpaced network value.
HorizenLabs, a blockchain development company, declared that the long-awaited ApeCoin [APE] staking was now operational. The update indicated that the pre-commitment period had started.
The Etherscan contract indicated that more than $20 million had been deposited and locked in less than 20 hours. This occurred despite APE’s inability to overcome its seven-day value decline of 2.93%.
The APE we trust…
There were interactions that suggested the development could change the ApeCoin trajectory as it spread. However, on-chain data revealed that the situation was far from what had been predicted. Given the situation at the time of publication, Santiment demonstrated that APE’s exchange inflow had fallen to 4,291. This drop, simplified, indicated investors’ unwillingness to sell their holdings.
The exchange outflow, on the other hand, recorded more input than its counterpart. The exchange outflow was 13,100 at the time of writing. It was also worth noting that this was a decrease in the previous 24 hours.
However, the fact that it reached 665,000 in the final hours of December 5th demonstrated that there had been some accumulation into wallets. This was supported by the previously mentioned volume increase and staking deposits.
The idea was that there would be a spike in active addresses shortly after the staking went live. However, Glassnode data revealed that the number of active addresses did not respond significantly. According to the platform, there were 2,116 active addresses.
This was a slight increase from the previous day, December 4th. However, the implication did not result in increased interaction with the ApeCoin network.
Long-term agony despite excellent health
In terms of network growth, Santiment demonstrated that ApeCoin increased in this regard. The network growth rate was 587 at the time of writing. Because this was a significant increase, it implied that new ApeCoin network members had contributed to the ecosystem’s overall health.
ApeCoin’s Network Value to Transaction (NVT) with circulation was drastically reduced in other parts of the chain. At 52.961, it suggested that there was no guarantee that APE’s long-term protection would result in a positive price trend. It indicated that the circulation was greater than the network’s valuation because it was not at a high value.
As a result, APE investors seeking to hold for the long term may require more than increased staking activity.
