ApeCoin gains 6% as staked volume exceeds 90m

ApeCoin (APE) has gained by over 6% in the past 24 hours as the volume of staked tokens surged above the 90 million mark less than two months after the launch of ApeCoin Staking. The asset rallied to a 2-month high of $4.98 yesterday amid a sharp increase in the total holding amount. 

ApeCoin staking balance breaks above 90 million

Leading multi-chain explorer OKLink recently called attention to the surge at a time when volume hit the 92.1 million level. Despite a recently-introduced resistance to the asset’s price rally as of press time, the staked volume has remained fairly stable above 90 million, currently sitting at 92.3 million APE valued at $450.4 million against prevailing rates.

Data from DappRadar also reveals a 4% increase in ApeCoin staking volume in the past 24 hours, with a massive 11% surge in the balance of staked APE. The number of unique active wallets (UAW) on the protocol has also increased by 8.58% to a current value of 1.99K

The increase in holding amount persists despite a recent withdrawal trend noticed among large stakers. Blockchain surveillance system Lookonchain highlighted these withdrawal requests that have resulted in $4.24 million worth of APE.

Top investment firm Arca was reported to have unstaked all its 424K APE ($2.04M) yesterday when the asset’s price rallied above $4.5. The firm had previously unstaked 125 APE on Jan. 6. Arca sent all those tokens to Coinbase. Amid the recent market-wide rejection, another staker took out 451,167 APE worth $2.2M today. The assets were transferred to a Binance address.

APE surges by 6.38% amid a flat market

Meanwhile, ApeCoin has capitalized on the recent altcoin rally as it broke above $4.9 yesterday for the first time since the FTX-induced collapse of early November. Despite resistance, the asset has held up quite well, finding support at the $4.3 level.

APE is currently changing hands at $4.97 at the time of reporting, up 6% in the past 24 hours when most assets are trading flat. ApeCoin appears to have generally been immune to the recent swings of the bears, being the biggest-gaining asset among the top 28 assets in the past day. 

APE/USD 7-day chart. Source: CoinMarketCap

ApeCoin’s persistent rally marks the second time the asset has been bucking the trend in the past three months. Similarly, the asset gained by 25% in one week of November 2022, despite the prevalent market-wide selloffs triggered by the FTX collapse.

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