ApeCoin Surges 200% In A Month: Key Metrics Suggest This Is Coming Next

ApeCoin APE/USD, 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 BTC/USD and Ethereum ETH/USD 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.

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.

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.