PeckShield warns users about the potential risks associated with staking $APE in NFT pools and selling the NFTs afterward.

ApeCoin [APE] has been experiencing selling pressure for quite a few days, as was evident from its recent price action. According to CoinMarketCap, APE registered over 14% decline in its price over the last seven days, and at the time of writing, it was trading at $5.05 with a market capitalization of over $1.86 billion. Interestingly, Lookonchain revealed that APE’s buying and staking were on the rise since the collusion months of 2022. 

ApeCoin may have hit a local top after a steady climb of 78% over the past six weeks, according to Santiment Analytics.

ApeCoin [APE] has been oscillating between $5.386 and $6.000 since 22 January. But it broke above the range and reached $6.410 after BTC surged to $23.8K. 

The announcement of ApeCoin’s [APE] staking rewards increased the hype around the token. Subsequently, there was a lot of interest in the token and the NFTs associated with it.

One day after the Ape Foundation opened staking for its APE currency, over $30 million worth of the token has been deposited into its contract.

Over $20 million worth of ApeCoin (APE) has been staked less than 24 hours after its staking feature went live, according to Etherscan data.

ApeCoin [APE] has performed well in the markets in the past ten days. It flipped the $3.2 area from resistance to support on 25 November and posted a 39% surge over the five days that followed. Since then, APE saw a pullback to $3.88.

ApeCoin [APE] fell below $3.954 after BTC lost $17.11k. It is worth noting that the price of APE was on a rising channel since 21 November, which is a typical bearish pattern.  

Following Horizen Labs’ confirmation that pre-deposit for Apecoin [APE] staking would be made available on 5 November, the metaverse token has since logged significant on-chain activity, data from Santiment revealed.