APE: Volume, Bones, Feeling – Decoding the Authenticity of Carpet Attraction Theory

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As the market turned green, many coins and tokens saw a slight 24-hour rally – nothing too dramatic or drastic. However, a symbolic clap reached the sky even as those watching scratched their heads and wondered what kind of monkey business was going on.

An extra-large banana split

At press time, ApeCoin [APE] been trades at $16.30 after an astronomical rally of 30.20% in the last 24 hours and a rise of 2.52% last week. This comes shortly after investors speculated that the EPA could be a draw, so what gives?

Well, for starters, the supply of APE on exchanges was already high and moving sideways as investors continued to sell, but the latest rally has seen more APE return to exchanges.

This suggests that strong profit taking activity is underway. Shortly after its rally, APE noted some slight corrections but was still up at the time of writing.

Source: Saniment

Naturally, investors had to swing to get in on the action and data from Santiment revealed APE volumes were skyrocketing ahead of press time. However, they were still far from the volumes observed during the first days of APE’s launch.

Source: Saniment

Plus, monkey lovers weren’t the only ones excited to buy or sell again, as even whales joined in the fun. Whale trades above $100,000 began to see small spikes as the EPA rallied from April 18.

That being said, there were less than 300, and they were well below the peaks seen by APE, even when its price was below $15. This seems to indicate a loss of interest from traders over time.

Source: Saniment

APE has previously been criticized by journalists and crypto researchers for its token allocation, claiming that insiders were getting significantly more profit than smaller traders who invested in the Bored Ape Yacht Club support project. However, the latest APE rally goes a long way in combating accusations that it was just an elaborate all-in draw.

That being said, weighted sentiment was still in negative territory at press time, and the rally does not appear to have lifted much spirits. This indicates that the doubts surrounding the project are still strong.

Source: Saniment

Bored Ape no longer bored

At press time, the Bored Ape Yacht Club was the third largest NFT collection in terms of 24 hour sales, with a rise of 79.21% in the last day. Above were Moonbirds and the Mutant Ape Yacht Club, which has seen admittedly less impressive 24-hour changes.

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