ApeCoin’s [APE] price drops even as these metrics see a surge

APE staking went live on 6 December and the rewards were unlocked on 12 December. The price of APE, however, did not reflect the hype that came with the launch of the stake. ApeCoin [APE] staking launched on 6 November, much to the delight of its holders, who were looking forward to future benefits. According […]

NFT investors were allegedly falling for a known flaw in the staking architecture. When users staked both a Bored Ape NFT and APE Coin, they created a link between the two assets in the staking contract; this link prevented the owner from selling the NFT without also selling the attached coin tokens.The Ape Foundation’s staking feature was introduced, and as could be expected, it gave a boost to some metrics.that the number of active addresses was one such statistic.

The price gained 12.48% in the previous 72 hours but has lost over 7% as of the time of writing. At the time this article was written, it was trading for about $4.According to the 30-day Market Value to Realized Value ratio, some investors were still profitable despite the price’s clear drop. Santiment’s data showed that investors who purchased the token in the previous 30 days were still in the black.

The change in the MVRV metric would solidify the disparity between the on-chain metrics and the value of the token.Subscribe to get it daily in your inbox.

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