- Apecoin is showing a strong boost in network activity which hints at an upcoming price rally for APE crypto.
- However, APE would need a push from the broader market as well as the market-wide rally to continue rallying further.
While all attention has been on Ethereum (ETH) ahead of the Shanghai upgrade in the coming week, some Ethereum-based altcoins are also showing strength.
ApeCoin (APE), the native cryptocurrency of the Bored Ape Yacht Club community, is showing bullish signals as per on-chain data. In their latest report, Santiment adds that ApeCoin could possibly replicate the performance of Stargate Finance (STG), wherein the STG price rallied after a period of increased activity on the Stargate Network. The STG token price surged by nearly 50 percent after some boost in the Stargate network activity. In their latest report, Santiment wrote:
We recently saw this with Stargate Finance. After a period of increased activity on the network, the price of STG surged. Could the same thing happen with Apecoin? It certainly looks like it. We are seeing increased activity on APE, with token holders increasing their balances. This is a sign that the retail investors are getting involved, and that could be a sign of a price surge.
Courtesy: Santiment
Although ApeCoin is giving similar bullish signals, it doesn’t guarantee that the APE Price is going to rally further.
Of course, there is no guarantee that this will happen. The crypto market is unpredictable, and anything can happen. But if the market decides to turn around, Apecoin could be in a prime position to benefit. It worked for Stargate, and it could work for Apecoin. We’ll just have to wait and see.
ApeCoin (APE) started the year 2023 on a pretty good note with its price shooting past $6.30 in the first month of January itself. However, it has been on a continuous decline since then and APE is currently trading at $4.20.
Mutant Apes take lead in Serum City
As per the latest development, Novel Labs is working to create a city-builder game dubbed Serum City on the Ethereum blockchain that will use Apecoin (APE) as its in-game currency.
In Serum City, Mutant Apes will be the main characters and MAYC will be among the few NFT collections that would provide the owners access to the game. The Serum City will continue work on expanding Mutant Cartel’s lore developed by Mutant Cartel founder Lior Messika, and published in the form of comic strips as well as short video clips over the last 18 months. Speaking to Decrypt, Messika said:
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We’re just a bunch of nerds coming up with cool stories about our Mutants. The cool thing is that we’re now incorporating a lot of our community members, and people who have been playing, into our canon.
Unlike other NFT-based games, Messika suggested Serum City will be far richer with an appealing play experience. “We believe that, frankly, the reason why a lot of games have not reached the kind of adoption that we all have been hoping for is that many of them were just not that deep,” Messika said. “They’re just not that fun.”
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