ApeCoin may have hit a local top after a steady climb of 78% over the past six weeks, according to Santiment Analytics.
The research firm said a divergence between network growth and price is taking shape, which may lead to downward pressure on the token, indicating that a local top may have started to form around January 23.
![APE Price vs. Network Growth, source: Santiment Analytics](https://cryptoslate.com/wp-content/uploads/2023/01/b626c24d03e5eee44a1ced5d37331d0ffb11b2b72b1f71df650669e98b9b291c_1675187513848_ApeCoin-APE-18.51.37-31-Jan-2023-1024x347.png)
Whale activity may be another indicator of a local top. In the month of January, whale activity rose significantly with the number of APE sellers exiting at between $4.00 and $6.00.
![APE Price vs. Whale Transactions Count (>$100k USD) (Ape). Source: Santiment Analytics. ” width=”1024″ height=”347″ srcset=”https://cryptoslate.com/wp-content/uploads/2023/01/92a413367d7beccbea79936379f8ef0283470efd20304de5a46dae98898d9965_1675187641875_ApeCoin-APE-18.52.34-31-Jan-2023-1024×347.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/01/92a413367d7beccbea79936379f8ef0283470efd20304de5a46dae98898d9965_1675187641875_ApeCoin-APE-18.52.34-31-Jan-2023-300×102.png 300w, https://cryptoslate.com/wp-content/uploads/2023/01/92a413367d7beccbea79936379f8ef0283470efd20304de5a46dae98898d9965_1675187641875_ApeCoin-APE-18.52.34-31-Jan-2023-768×260.png 768w, https://cryptoslate.com/wp-content/uploads/2023/01/92a413367d7beccbea79936379f8ef0283470efd20304de5a46dae98898d9965_1675187641875_ApeCoin-APE-18.52.34-31-Jan-2023-1536×520.png 1536w, https://cryptoslate.com/wp-content/uploads/2023/01/92a413367d7beccbea79936379f8ef0283470efd20304de5a46dae98898d9965_1675187641875_ApeCoin-APE-18.52.34-31-Jan-2023-2048×693.png 2048w”><figcaption id=](https://cryptoslate.com/wp-content/uploads/2023/01/92a413367d7beccbea79936379f8ef0283470efd20304de5a46dae98898d9965_1675187641875_ApeCoin-APE-18.52.34-31-Jan-2023-1024x347.png)
The staking contract has also seen a flattening of deposits over the last seven days.
![APE Staking Contract itself.](https://cryptoslate.com/wp-content/uploads/2023/01/c5196beac7201053c7ebd58144dd73998218b9f46648d835aa598cab6969806a_1675188633292_Screenshot-2023-01-31-at-19.10.01-1024x322.png)
Wallets containing between 10,000 to 100,000 APE have also tapered since the APE staking release in December.
![Wealthy APE Holders Are Declining](https://cryptoslate.com/wp-content/uploads/2023/01/96b314fe999216f7b9b8ae1ca92ce96eed27c441c3c446ac2119442208eb77c4_1675188094481_ApeCoin-APE-19.01.19-31-Jan-2023-1024x347.png)
As of press time, APE is up more than 2x since hitting its low of $2.63 in November 2022.
ApeCoin currently sits atop the metaverse token leaderboard with a total market capitalization of $2.16 billion as of January 31.
The post ApeCoin’s on-chain metrics point to local top following 78% climb over 6 weeks – Santiment appeared first on CryptoSlate.