APE strike went live on December 6 and the rewards were unlocked on December 12.
However, APE’s price did not reflect the hype that accompanied the launch of the stake.
ApeCoin [APE] turn of launched on November 6, much to the delight of holders, who looked forward to future benefits. According to the guidelines of the official staking site, prizes were first earned on December 12. Despite the enthusiasm surrounding the introduction of staking, APE prices do not appear to be correlated with this on-chain action.
Read Apecoin’s [APE] Price forecast for 2023-24
Shutting down APE begins
Within the first 24 hours after the Ape Foundation opened the strike for the token, $30 million in tokens were deposited into the contract. The official stakeout contract had already received about $32 million in value MONKEY in one day, in combination with a large amount Bored Ape Yacht Club [BAYC] and mutant monkey [MAYC] NFTs.
NFT investors would fall for a known flaw in the staking architecture. When users staked both a Bored Ape NFT and an APE Coin, they created a link between the two assets in the staking contract; this link prevented the owner from selling the NFT without also selling the attached coin tokens.
30-day active addresses are increasing
The Ape Foundation’s staking feature was introduced, and unsurprisingly, it boosted some stats.
Sanitation said that the number of active addresses was such a statistic. It turned out that the share of active addresses had increased dramatically over the past week. The number of addresses rose to 16,000, which was a record for the past few months.
APE price on a downtrend
However, there was no change in the cost of the token. On Dec. 6, when the strike was announced, the price originally rose nearly 6%, according to the daily chart. However, because there was a clear conflict between selling and buying pressures, the resulting price change was not large.
The price is up 12.48% in the last 72 hours, but is down more than 7% at the time of writing. At the time of writing this article, it was trading for around $4.
MVRV is still at the top
According to the 30-day market value to realized value (MVRV) ratio, some investors were still profitable despite the marked fall in prices. Santiment’s data showed that investors who bought the token in the past 30 days were still in the black. However, it was clear that gains were rapidly disappearing and a reversal towards loss was imminent.
The change in the MVRV metric would amplify the disparity between the on-chain metrics and the value of the token.
This post ApeCoins [APE] price falls even if these metrics see an increase
was published first on https://ambcrypto.com/apecoins-ape-price-drops-even-as-these-metrics-see-a-surge/