ApeCoin (APE) active addresses surge following recent $47M capitulation

ApeCoin (APE) witnesses noteworthy growth, with active addresses more than doubling over the past day. The memecoin project has 2,530 engaged addresses, reflecting the highest figure over the past six months.

APE price, 24hr active addresses, & realized profit/loss on Santiment

The increased wallet activity suggests soaring demand for APE among crypto enthusiasts.

Meanwhile, that comes after ApeCoin holders suffered massive losses last week. The Network Realized Loss/Profit indicators show APE investors realized losses of $47.43 million on Feb 21. That confirmed capitulation, which precedes price upswings, supporting ApeCoin’s latest gains.

ApeCoin whales have accumulated lately, with the 100K to 1 million category making significant purchases between Feb 1 and 26. That shows large-scale investor trust in APE’s upcoming trends.

ApeCoin price outlook

APE gained 12% over the past 24 hours to hover at $2.02 at press time. Its daily trading volume jumped 165% in the same timeframe to $167,218,989.

APE 1D Chart on Coinmarketcap

The NFT coin remained elevated lately, soaring 15% in the past seven days. Some of the latest developments on the ApeCoin blockchain include the Feb 17 $26.05 million unlock event and the active DAO proposals.

Three more proposals to vote on in the @ApeCoin DAO. Check them out below 👇🏽 pic.twitter.com/tkzEcRdwpJ

— Vulkan 🌋 (@red_vulkan) February 16, 2024

Furthermore, ongoing crypto market revival and ApeCoin DAO’s latest move to enhance APE’s ecosystem catalyzed bullishness around the project.

APE’s price charts display bullish dominance, signaling continued uptrends in the up-and-coming sessions.

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