LunarCrush, a preferred social intelligence platform, not too long ago tweeted that the Bored Ape Yacht Membership (BAYC) topped the record of NFTs final week by way of social mentions. This was optimistic information for the BAYC because it mirrored an increase in recognition within the NFT group.
The present prime #NFTs by social mentions over the previous week embrace:
1️⃣ #BoredApeYC
2️⃣ #RENGA
3️⃣ #GenuineUndead
4️⃣ #GodHatesNFTees
5️⃣ #RugRadio – Genesis NFT
6️⃣ #RugRadio Membership Move
7️⃣ #ENS
8️⃣ #DegenToonz
9️⃣ #VoltedDragonsSailorsClub
🔟 #MetaHerohttps://t.co/JGGoXsM1Vw pic.twitter.com/sYx4g5XbbH— LunarCrush (@LunarCrush) October 11, 2022
Moreover, BAYC’s native cryptocurrency ApeCoin [APE] additionally witnessed a run in the precise course. Yuga Labs introduced the launch of the ApeCoin staking platform and as per the official announcement, 4 staking swimming pools have been made.
Ape Fam its time.
The ApeCoin Staking platform is formally stay (v1.0)https://t.co/N6hVQAy7uY
A 🧵 pic.twitter.com/BrlCfqBixZ
— Yuga Labs (@yugaIabs) October 11, 2022
Nevertheless, although these developments appeared promising, APE paid no heed. Based on CoinMarketCap, at press time, APE registered unfavourable 2.5% weekly positive factors and was buying and selling at $5.14 with a market capitalization of over $1.57 billion.
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Right here’s AMBCrypto’s Value Prediction for ApeCoin (APE) for 2023-24
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Are we completed with the dangerous information right here?
Along with the developments given above, there was one more improvement which will assist APE with its subsequent rally. WhaleStats, a Twitter deal with that tracks whale actions, revealed that APE was within the record of the highest 10 bought tokens among the many greatest 500 Ethereum whales within the final 24 hours.
JUST IN: $APE @apecoin is again on prime 10 bought tokens amongst 500 greatest #ETH whales within the final 24hrs 🐳
Peep the highest 100 whales right here: https://t.co/tgYTpOmDm0
(and hodl $BBW to see knowledge for the highest 500!)#APE #whalestats #babywhale #BBW pic.twitter.com/7wiEabA8k7
— WhaleStats (monitoring crypto whales) (@WhaleStats) October 10, 2022
Nevertheless, a have a look at APE’s on-chain metrics painted a unique image, as most of them steered an extra drop in its worth within the coming days.
APE’s Market Worth to Realized Worth (MVRV) Ratio registered a downtick, which was a purple flag. APE’s community development additionally adopted an identical route and witnessed decline over the previous few days.
Supply: Santiment
Curiously, regardless of BAYC being the preferred NFT, it witnessed a downfall as each complete NFT commerce depend and NFT commerce quantity plummeted final week.
Supply: Santiment
Nonetheless, Santiment’s knowledge revealed that regardless of unfavourable efficiency, APE’s quantity elevated significantly over the previous few days. Furthermore, APE’s social dominance additionally registered a hike within the earlier week.
Shifting onto higher prospects
APE’s day by day chart and a number of other market indicators identified that APE was in a impartial place and the market might head in any course within the subsequent few days.
The Cash Circulation Index (MFI) registered an uptick and was barely above the impartial mark. APE’s Chaikin Cash FLow (CMF) additionally went up and was heading in direction of the impartial zone.
The Exponential Shifting Common (EMA) Ribbon revealed that the bulls and the bears have been having a tussle, the latter with a higher hand. Curiously, the Relative Energy Index (RSI) was on the transfer beneath the impartial line and moved sideways at press time.
Supply: TradingView