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

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

  • 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.

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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

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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.

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

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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Ethereum’s net issuance reading since merge has got some tips for traders

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Ethereum’s net issuance reading since merge has got some tips for traders

  • Ethereum’s total net issuance witnessed a massive spike.
  • The number of Ethereum’s retail investors also grew over the past few days.

Glassnode, a crypto analytics firm, reported that over the past few weeks, there was a significant increase in the total net coin issuance of Ethereum.


                                   Read Ethereum’s Price Prediction 2022-2023


As can be seen from the image below, the amount of Ethereum issued to proof of stake validators grew immensely over the past few days. Evidently, this could attract more validators to stake ETH on the Ethereum network.

Source: glassnode

Validation from validators

Data gathered by staking rewards suggested that there was a spike in the number of validators on the Ethereum network. The number of validators grew by 5.28% in the last 30 days. 

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The revenue generated by the validators also took a northward journey. According to data provided by glassnode, the amount of revenue generated by the validators reached a one-month high of  $12,098.52 on 30 November.

This spike in revenue along with the growth in the issuance of ETH could continue sustaining validators’ interest in Ethereum.

Source: Staking Rewards

“Gas”sing ETH up

However, it wasn’t just validators who showed interest in Ethereum, retail investors too were excited about ETH’s ongoing trajectory.

ETH addresses with more than 0.1 ETH saw an increase in their count over the past month. This indicated that small addresses had started showing faith in Ethereum and were willing to buy the altcoin at a discount.

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One of the reasons for the interest from retail investors would be the decline in gas prices. At the time of writing, the median gas price for Ethereum had dropped to a 1 month low.

Source: glassnode

Furthermore, Ethereum’s MVRV ratio climbed significantly over the past few days. Thus, indicating that most Ethereum users would profit from selling their holdings.

Moreover, Ethereum’s development activity also spiked. This implied that the team at Ethereum had been making increasing contributions to their GitHub. Thus, implying that there could be new updates and upgrades in the works for Ethereum in the future.

Source: Santiment

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That said, it’s still to be determined whether Ethereum holders will continue to show faith in Ethereum or take this opportunity to book a profit.

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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Polygon’s DeFi space witnesses growth but for how long will it help MATIC

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Polygon’s DeFi space witnesses growth but for how long will it help MATIC

  • Polygon’s Total Value Locked (TVL) registered a downtick 
  • Metrics were supportive of a continued surge 

DeFiLlama’s recent data revealed that in the past week, Polygon [MATIC] stood out after having the newest Defi protocols listed. This development looked promising for Polygon, which has been witnessing a decline in its total value locked for several weeks now. 

Per @DefiLlama Recent page, in the past week, @0xPolygon stands out as having the most new Defi protocols listed.#DefiForAll

Follow @0xPolygonDeFi for updates within the Polygon Defi Ecosystem https://t.co/we0eOmIXeP

— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) November 30, 2022

Even though MATIC’s TVL was following a downslope, DeFiLlama’s chart pointed out that the TVL later registered an uptick. And, at the time of writing, it stood at $75.11 billion. 

Furthermore, the top DeFi projects by fees and revenue on the Polygon network in the last 24 hours included Quickswap DCX, Uniswap, and Polygon, sitting at the top of the list. 

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Read Polygon’s [MATIC] Price Prediction 2023-24


Top DeFi Projects by Fees and Revenue on @0xPolygon Ecosystem Last 24H $QUICK @QuickswapDEX$UNI @Uniswap$MATIC @0xPolygon$AAVE @AaveAave$DODO @BreederDodo$SUSHI @SushiSwap$MVX @MetavaultTRADE$CRV @CurveFinance$STG @StargateFinance$BANANA @ape_swap#POLYGON $MATIC pic.twitter.com/KaHyZVV0XM

— Polygon Daily 💜 (@PolygonDaily) November 30, 2022

That said, MATIC’s price also corresponded to these positive developments, as its weekly and daily charts were painted green.

As per CoinMarketCap’s data, MATIC registered over 6% and 5% increases in its price during the last 24 hours and the past week, respectively. At press time, MATIC was trading at $0.9197 with a market capitalization of more than $8 billion.

Though this uptick managed to put a smile on investors’ faces, let’s have a look at MATIC’s on-chain metrics to find whether this surge is sustainable.

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Everything seemed fine

On the metrics front, things were looking pretty good for MATIC. Its exchange reserve was decreasing, which is a positive signal as it indicated lower selling pressure.

CryptoQuant’s data revealed that MATIC’s active addresses and the number of transactions were also increasing, which was yet another good signal for the token.

Moreover, MATIC’s volume skyrocketed recently, which reduces the chances of an unprecedented price decline in the coming days. The crypto community’s faith in MATIC also seemed to have increased over the past week as its positive sentiments registered quite a few spikes lately.

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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ApeCoin: Knowing this before the launch of APE staking might save your investments

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ApeCoin: Knowing this before the launch of APE staking might save your investments

  • Horizen Labs is set to launch pre-deposit for Apecoin [APE] staking on 5 December.
  • In anticipation of the launch, new demand for APE has risen.
  • Investors are taking profit as price rallies.

Following Horizen Labs’ confirmation that pre-deposit for Apecoin [APE] staking would be made available on 5 November, the metaverse token has since logged significant on-chain activity, data from Santiment revealed.


Read ApeCoin’s Price Prediction 2023-24


Since Horizen Labs gave its last update on 24 November, APE has seen an influx of new demand to drive up its network growth. Since then, the number of daily new addresses on the network has rallied by 84%. This showed that investors have been accumulating APE tokens ahead of 5 November for maximum yields on their stakes. 

Historically, APE’s rally in network growth and a corresponding rally in price had previously marked its top and bottom. In August, the alt saw a huge spike in new addresses following a price rally, marking the alt’s local, top at the time. 

Also, following FTX’s implosion, APE saw a hike in network growth, but this marked a recent bottom following the trend in the general cryptocurrency market. 

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Hence, the current surge in demand for APE might result in the alt marking another local top or another bottom. 

Source: Santiment

As APE accumulation and price grew, data from Santiment showed that active withdrawals had also rallied. Trading at $3.97 at press time, APE’s price increased by 19% in the last week, making it the metaverse token with the highest gains, per data from CoinMarketCap

Taking advantage of the price growth, active withdrawals since climbed by over 900% in just seven days. In August, when the alt clinched a local top, active withdrawals surged, showing that retail traders sold their APE holdings at the top. 

Source: Santiment

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Whales and shrimps have reacted differently to Horizen Labs’ update. Data from Santiment revealed large key addresses holding APE tokens have continued to reduce their APE holdings since FTX’s unexpected collapse at the beginning of the month. Even with the expected launch of APE staking, they continue to drop in number. 

Per data from Santiment, since 12 November, the count of whale addresses that hold 100,000 to 1,000,000 APE tokens has fallen by 10%.

On the other hand, retail holders continue to accumulate ahead of the launch date. Since 6 November, the count of addresses that hold 100 to 100,000 APE tokens has risen by over 15%. 

Source: Santiment

Finally, an assessment of APE’s MVRV ratio on a 30-day moving average revealed that the market was in the most challenging zone. Historically, APE’s price would decline at this point following the formation of a local top.

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Source: Santiment

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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