• ApeCoin officially began the staking on its network and it only took a few hours to hit $20 million

• APE ‘s NVT showed that circulation outpaced the network value 

Blockchain development firm, HorizenLabs, announced that the long-awaited ApeCoin [APE] staking was finally live. According to the update, the pre-commitment period had begun.

In less than 20 hours, the Etherscan contract showed that over $20 million had been deposited and locked. This happened despite APE’s inability to rise above its seven-day 2.93% value decrease.

Read ApeCoin’s [APE] price prediction 2023-2024

As the development spread, there were interactions that suggested that it could change the ApeCoin trajectory. However, on-chain data revealed that the circumstances were far from what was projected. Given the condition at press time, Santiment showed that APE’s exchange inflow sunk to 4,291. A simplification of this drop indicated investors’ unwillingness to sell their holdings. 

In opposition, the exchange outflow recorded more input than its counterpart. At the time of writing, the exchange outflow was 13,100. It was noteworthy to mention that this was also a decrease in the last 24 hours.

However, the fact that it surged as high as 665,000 in the last hours of 5 December proved that there had been some accumulation into wallets. This was further proven by its volume increase and staking deposits mentioned earlier. 

Within the period of the staking going live, the notion would have been a spike in active addresses. However, Glassnode data showed that the number of active addresses did not respond in any notable manner. According to the information on the platform, active addresses were 2,116.

This was a slight increase from 4 December. Nevertheless, the implication did not translate to increased interaction with the ApeCoin network.

In relation to its network growth, Santiment showed that ApeCoin picked up an increase in this regard. At the time of writing, the network growth was up at 587. As this was a weighty uplift, it implied that new entries into ApeCoin’s network had helped improve the ecosystem’s health.

In other parts of the chain, ApeCoin’s Network Value to Transaction (NVT) with circulation was massively down. At 52.961, it implied that there was no guarantee that the long-term protection of APE would result in a favorable price trend. Since it was not at a high value, it indicated that the circulation was higher than the network’s valuation.

Hence, this meant that APE investors looking to hold the long-term might require more than increased staking activity.