Ethereum-based altcoins may be preparing for a major bull run, according to a leading analyst firm.
In a new report, Santiment says that the Bored Ape Yacht Club community’s native token, ApeCoin (APE), showed on-chain signals similar to the Stargate Finance decentralized exchange’s native token, STG, late last month before increasing its collection of nearly 50%.
According to Santiment, APE is seeing increased network activity, which could be a harbinger of a bull boom.
“This happened to Stargate Finance recently. After a period of increased network activity, the price of STG rose sharply. Can Apecoin do the same?
APE is definitely similar to STG. We are seeing increased activity on APE as holders increase their balances. This is a sign of retail investors getting in, and possibly a sign of a bull market. “
While the APE on-chain index is bullish, Santiment said the signal does not guarantee a recovery for metaverse-focused altcoins. However, Santiment said that if traders suddenly increase the price of the cryptocurrency, APE may be the first coin to break through.
“Of course, there is no guarantee that this will happen. The cryptocurrency market is unpredictable and anything can happen. But if the market decides to reverse, Apecoin could be in a prime position to benefit.
It already works with Stargate and will probably work with Apecoin. Let’s wait and see. “
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According to Dailyhodl