This Not-so-Popular Altcoin Could be Set to Explode
According to Santiment data, an altcoin based on Ethereum (ETH) that has gone somewhat unnoticed may be preparing for a significant upswing.
Santiment, a leading analytics firm, has identified an Ethereum-based altcoin, ApeCoin (APE), that could be set for a significant surge in value.
According to Santiment’s report, APE’s on-chain signal is similar to that of Stargate Finance (STG), which experienced a nearly 50% rally last month. The analytics platform attributes APE’s network activity as a precursor for a potential burst in value.
The report indicates that there has been an increase in activity on the APE network, with token holders increasing their balances, a sign that retail investors are becoming involved. While this is a positive sign for APE, Santiment has cautioned that the signal does not guarantee a price rally.
Despite the potential risks, Santiment believes that APE could be the first altcoin to benefit if traders suddenly turn bullish on cryptocurrency.
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The report notes that APE’s price could surge if the market decides to turn around, especially given the growing network activity and increased involvement of retail investors.
It is worth noting that APE is the native token of the Bored Ape Yacht Club community, which has grown in popularity recently. As of writing, APE is trading at $4.23, but the market can be unpredictable, and anything can happen.
Therefore, investors must exercise caution when considering investing in APE.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
