ApeCoin (CRYPTO: APE), the native token of the Bored Ape Yacht Club (BAYC) ecosystem, rallied to an all-time high of $19.46 on Monday.
What Happened: APE rallied 200% from its all-time low of $6.21 on March 17. The coin rose by 20% over the last 24 hours, extending a week-long rally where it gained more than 57%.
At press time, APE was trading at around $18.72 with a trading volume of $2.3 billion as per data from Benzinga Pro. The cryptocurrency has outperformed both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) over the previous 24 hours.
APE’s impressive rally comes despite a series of thefts over the last month involving the official BAYC Discord channel and Instagram account being compromised.
There is no mint going on today. It looks like BAYC Instagram was hacked. Do not mint anything, click links, or link your wallet to anything.
— Bored Ape Yacht Club (@BoredApeYC) April 25, 2022
Users reported losing close to $2.5 million in Monday’s phishing attack but the APE rally showed no signs of cooling off.
According to data from on-chain analytics tool Santiment, divergences in key on-chain metrics for APE could be indicative of a trend change to come.
#Apecoin is up +52% in the past 7 days, and has revealed some key divergences to pay attention to. A massive movement of dormant $APE tokens occurred right at today's local top, active addresses are fluctuating, and MVRV is high. Read our latest! 👀 https://t.co/XevJhqBQwb pic.twitter.com/rSelUsrdkS
— Santiment (@santimentfeed) April 23, 2022
Active addresses were lower than the previous high while trading and social volumes remained the same.
The Market Value by Realized Value (MVRV) ratio for the time period remained relatively high. MVRV is useful in determining whether a coin is overvalued or undervalued. In this case, the higher value indicates that APE is somewhat overvalued in its current state.
“We might get another leg up to lure in more potential bagholders, but I believe after that this rally won't get sustained much more,” wrote analysts in a Santiment blog.
