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ApeCoin Q1 2024 Performance: Market Cap And Token Price Skyrocket – Key Findings Inside

ApeCoin (APE), the ERC-20 token governing the ApeCoin Decentralized Autonomous Organization (DAO), showed notable growth in the first quarter (Q1) of 2024. 

Key metrics showed significant progress, driving APE’s market capitalization, token price, and trading volume quarter-over-quarter (QoQ), demonstrating consecutive quarters of growth.

ApeCoin Regains Unicorn Status

As noted in a recent report by Messari, APE’s rebound was particularly noteworthy compared to the broader cryptocurrency market, which grew 53% quarter over quarter, and Bitcoin’s market cap, which grew 63% quarter over quarter. 

After briefly dipping below $1 billion in Q2 2023, APE’s market cap regained unicorn status, ending Q1 2024 at $1.3 billion, representing 31% growth. According to the report, this market value increase was partly driven by a 21% QoQ rise in APE’s token price.

ApeCoin

The report also highlighted the unlock of 46.8 million APE tokens from the circulating supply, contributing to the market cap growth. However, this unlocks, and the $16.5 million allocated to governance expenditures potentially created sell pressure on the asset throughout the quarter. 

Another 46.8 million APE tokens were unlocked in Q1 2024, with 22 million APE going to the DAO Treasury and 24.8 million APE distributed to non-DAO entities. The DAO plans to issue or sell APE to fund approved proposals, while non-DAO entities are free to sell once their funds are unlocked.

Despite the additional sell pressure resulting from unlocking and committing 8.3 million APE tokens, the price of APE still saw a substantial 21% QoQ increase. This surge in price indicated a higher volume of buy orders, exerting upward pressure on the asset.

The report also analyzed trading activity, highlighting the dominance of large-volume traders (whales and sharks), who accounted for 63% of the trade volume in Q1. The average decentralized exchange (DEX) swap size increased by 28% QoQ, reflecting the heightened activity among larger-volume traders. 

Furthermore, the transfer volume of APE tokens grew by 12% QoQ, potentially driven by significant transactions following the approval of various governance proposals throughout the quarter.

APE’s Journey Forward

Looking ahead, APE’s utility is set to expand by implementing recently passed governance proposals. AIP-381 aims to build game-focused DAOs and vaults accessible exclusively to APE holders, allowing them to participate in governance and access specific ecosystem assets. 

Additionally, the ApeChain proposal selected Horizen Labs to build a blockchain that utilizes APE as a gas token and potentially supports other asset-related applications.

However, while APE continued to attract new holders, the growth rate of new APE holders did not accelerate despite two consecutive quarters of price increases, according to Messari. 

To address this, ApeCoin DAO formed a branding partnership with a Formula One racing team, among other initiatives, to attract new holders in the future.

On the other hand, the ApeCoin DAO has been actively voting on new governance proposals, approving the building of ApeChain on the Arbitrum technology stack and expanding the utility of the APE token to GameFi DAOs and vaults. 

The average votes per proposal increased by 19% QoQ, indicating growing community engagement. ApeCoin DAO plans to move the voting process on-chain more, promoting decentralization and participation in governance.

ApeCoin

Despite the overall growth witnessed by APE in Q1, the token has recently experienced a significant downturn, aligning with the downward trend in the overall market. APE has suffered a notable decline of over 41% in the past month, leading to its current trading price of $1.148.

Featured image from Shutterstock, chart from TradingView.com

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ApeCoin Q1 2024 Performance: Market Cap And Token Price Skyrocket – Key Findings Inside

ApeCoin (APE), the ERC-20 token governing the ApeCoin Decentralized Autonomous Organization (DAO), showed notable growth in the first quarter (Q1) of 2024. 

Key metrics showed significant progress, driving APE’s market capitalization, token price, and trading volume quarter-over-quarter (QoQ), demonstrating consecutive quarters of growth.

ApeCoin Regains Unicorn Status

As noted in a recent report by Messari, APE’s rebound was particularly noteworthy compared to the broader cryptocurrency market, which grew 53% quarter over quarter, and Bitcoin’s market cap, which grew 63% quarter over quarter. 

After briefly dipping below $1 billion in Q2 2023, APE’s market cap regained unicorn status, ending Q1 2024 at $1.3 billion, representing 31% growth. According to the report, this market value increase was partly driven by a 21% QoQ rise in APE’s token price.

ApeCoin

The report also highlighted the unlock of 46.8 million APE tokens from the circulating supply, contributing to the market cap growth. However, this unlocks, and the $16.5 million allocated to governance expenditures potentially created sell pressure on the asset throughout the quarter. 

Another 46.8 million APE tokens were unlocked in Q1 2024, with 22 million APE going to the DAO Treasury and 24.8 million APE distributed to non-DAO entities. The DAO plans to issue or sell APE to fund approved proposals, while non-DAO entities are free to sell once their funds are unlocked.

Despite the additional sell pressure resulting from unlocking and committing 8.3 million APE tokens, the price of APE still saw a substantial 21% QoQ increase. This surge in price indicated a higher volume of buy orders, exerting upward pressure on the asset.

The report also analyzed trading activity, highlighting the dominance of large-volume traders (whales and sharks), who accounted for 63% of the trade volume in Q1. The average decentralized exchange (DEX) swap size increased by 28% QoQ, reflecting the heightened activity among larger-volume traders. 

Furthermore, the transfer volume of APE tokens grew by 12% QoQ, potentially driven by significant transactions following the approval of various governance proposals throughout the quarter.

APE’s Journey Forward

Looking ahead, APE’s utility is set to expand by implementing recently passed governance proposals. AIP-381 aims to build game-focused DAOs and vaults accessible exclusively to APE holders, allowing them to participate in governance and access specific ecosystem assets. 

Additionally, the ApeChain proposal selected Horizen Labs to build a blockchain that utilizes APE as a gas token and potentially supports other asset-related applications.

However, while APE continued to attract new holders, the growth rate of new APE holders did not accelerate despite two consecutive quarters of price increases, according to Messari. 

To address this, ApeCoin DAO formed a branding partnership with a Formula One racing team, among other initiatives, to attract new holders in the future.

On the other hand, the ApeCoin DAO has been actively voting on new governance proposals, approving the building of ApeChain on the Arbitrum technology stack and expanding the utility of the APE token to GameFi DAOs and vaults. 

The average votes per proposal increased by 19% QoQ, indicating growing community engagement. ApeCoin DAO plans to move the voting process on-chain more, promoting decentralization and participation in governance.

ApeCoin

Despite the overall growth witnessed by APE in Q1, the token has recently experienced a significant downturn, aligning with the downward trend in the overall market. APE has suffered a notable decline of over 41% in the past month, leading to its current trading price of $1.148.

Featured image from Shutterstock, chart from TradingView.com

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ApeCoin Q1 2024 Performance: Market Cap And Token Price Skyrocket – Key Findings Inside

ApeCoin (APE), the ERC-20 token governing the ApeCoin Decentralized Autonomous Organization (DAO), showed notable growth in the first quarter (Q1) of 2024. 

Key metrics showed significant progress, driving APE’s market capitalization, token price, and trading volume quarter-over-quarter (QoQ), demonstrating consecutive quarters of growth.

ApeCoin Regains Unicorn Status

As noted in a recent report by Messari, APE’s rebound was particularly noteworthy compared to the broader cryptocurrency market, which grew 53% quarter over quarter, and Bitcoin’s market cap, which grew 63% quarter over quarter. 

After briefly dipping below $1 billion in Q2 2023, APE’s market cap regained unicorn status, ending Q1 2024 at $1.3 billion, representing 31% growth. According to the report, this market value increase was partly driven by a 21% QoQ rise in APE’s token price.

ApeCoin

The report also highlighted the unlock of 46.8 million APE tokens from the circulating supply, contributing to the market cap growth. However, this unlocks, and the $16.5 million allocated to governance expenditures potentially created sell pressure on the asset throughout the quarter. 

Another 46.8 million APE tokens were unlocked in Q1 2024, with 22 million APE going to the DAO Treasury and 24.8 million APE distributed to non-DAO entities. The DAO plans to issue or sell APE to fund approved proposals, while non-DAO entities are free to sell once their funds are unlocked.

Despite the additional sell pressure resulting from unlocking and committing 8.3 million APE tokens, the price of APE still saw a substantial 21% QoQ increase. This surge in price indicated a higher volume of buy orders, exerting upward pressure on the asset.

The report also analyzed trading activity, highlighting the dominance of large-volume traders (whales and sharks), who accounted for 63% of the trade volume in Q1. The average decentralized exchange (DEX) swap size increased by 28% QoQ, reflecting the heightened activity among larger-volume traders. 

Furthermore, the transfer volume of APE tokens grew by 12% QoQ, potentially driven by significant transactions following the approval of various governance proposals throughout the quarter.

APE’s Journey Forward

Looking ahead, APE’s utility is set to expand by implementing recently passed governance proposals. AIP-381 aims to build game-focused DAOs and vaults accessible exclusively to APE holders, allowing them to participate in governance and access specific ecosystem assets. 

Additionally, the ApeChain proposal selected Horizen Labs to build a blockchain that utilizes APE as a gas token and potentially supports other asset-related applications.

However, while APE continued to attract new holders, the growth rate of new APE holders did not accelerate despite two consecutive quarters of price increases, according to Messari. 

To address this, ApeCoin DAO formed a branding partnership with a Formula One racing team, among other initiatives, to attract new holders in the future.

On the other hand, the ApeCoin DAO has been actively voting on new governance proposals, approving the building of ApeChain on the Arbitrum technology stack and expanding the utility of the APE token to GameFi DAOs and vaults. 

The average votes per proposal increased by 19% QoQ, indicating growing community engagement. ApeCoin DAO plans to move the voting process on-chain more, promoting decentralization and participation in governance.

ApeCoin

Despite the overall growth witnessed by APE in Q1, the token has recently experienced a significant downturn, aligning with the downward trend in the overall market. APE has suffered a notable decline of over 41% in the past month, leading to its current trading price of $1.148.

Featured image from Shutterstock, chart from TradingView.com

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Apecoin Climbs To 6-Month High Amidst Whales’ Strategic Moves

Apecoin (APE) is experiencing a rollercoaster ride in 2024. After plummeting to an all-time low of $1.01 in October 2023, the Bored Ape Yacht Club governance token has experienced a dramatic turnaround, buoyed by strategic whale buying and a recent partnership with the Arbitrum network.

However, with a 13% pullback in the past two days and lingering profit-taking concerns, questions remain about whether the bulls can defend key support levels and push the price back towards its former glory.

At the time of writing, APE was flashing green, trading at $1.73, which is a 0.6% and 7.5% increase in the 24-hour and weekly timeframes, data from Coingecko shows.

Riding The Arbitrum Wave

The turning point came on February 16th, when the Apecoin DAO voted to launch ApeChain, a dedicated blockchain, on the Arbitrum network. This partnership, aimed at tackling scalability issues and fostering ecosystem growth, sparked a 21% surge in APE price, pushing it to a six-month high of $1.90.

Whales Hold Firm, Retail Cashes Out

On-chain data paints a fascinating picture of contrasting investor behavior. While retail investors and swing traders were quick to lock in profits after the rally, “whales” – those holding at least 10 million APE tokens – have displayed unwavering confidence.

Since January 1st, these large investors have acquired an additional 22 million APE tokens, representing a staggering $40 million investment and bringing their total holdings to 61 million APE. This unwavering conviction suggests long-term optimism in the project’s potential.

Can The Bulls Hold The Line?

Despite the bullish whale activity, a recent pullback has cast a shadow on the optimistic outlook. The price dipped 13% in the past two days, testing the crucial $1.50 support level. A breach of this support could trigger further decline towards $1. However, a large buying cluster at $1.50, representing 9,630 investors who purchased APE at that price, could act as a significant barrier to a deeper fall.

Eyes On $2, But Hurdles Remain

Technical analysis and market sentiment suggest a potential early rebound towards $2 in the coming weeks. However, this hinges on two key factors: defending the $1.50 support and overcoming further profit-taking waves. Additionally, broader positive developments in the NFT sector could provide tailwinds for APE price.

Looking Beyond The Immediate

While the Arbitrum partnership and whale support are encouraging, several hurdles remain. The broader macroeconomic climate, still grappling with inflation and interest rate concerns, could impact investor sentiment across the cryptocurrency market. Moreover, the success of ApeChain itself remains to be seen, and any unforeseen challenges could dampen enthusiasm.

With a potential $2 mark tantalizingly close, Apecoin faces a critical juncture. Whether the bulls can overcome the immediate hurdles and propel the token to new heights, or if profit-taking and broader market headwinds prevail, remains to be seen.

Featured image from Pexels, chart from TradingView

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Crypto Scam Alert: Fraudsters Impersonate Forbes Journalists In Plot To Rob BAYC Holders

In the non-fungible tokens (NFTs) sector, scammers are constantly devising new methods to exploit unsuspecting collectors. The latest incident involves fraudsters posing as journalists from Forbes magazine, specifically targeting Bored Ape Yacht Club (BAYC) NFT holders. 

One BAYC owner, “Crumz,” recently shared his encounter with these scammers, detailing the elaborate scheme designed to steal his digital assets.

BAYC Collector’s Close Encounter With Scammers

According to Crumz, the scam began when he received a direct message on X (formerly Twitter) from someone claiming to be a Forbes editor named Robert Lafranco. 

Intrigued by the prospect of being featured in an article about BAYC, Crumz proceeded cautiously, conducting a cursory online search that seemingly confirmed the person’s identity. Unbeknownst to him, the scammers had meticulously crafted a “facade of credibility.”

The supposed Forbes journalist informed Crumz of their interest in gathering firsthand accounts from BAYC owners regarding their experiences within the club. Despite initial surprise at being approached, Crumz agreed to participate in a scheduled Zoom call. 

Crumz further stated that the scammers failed to show up for the initial call, citing a fabricated family emergency as the reason for their absence. They rescheduled the meeting for a later date.

When the rescheduled call finally took place, Crumz noticed several red flags. The individuals on the call refused to activate their cameras, claiming technical difficulties. 

Another person claiming to be Steven Ehrlich, Forbes’ research director, joined the conversation. Crumz shared his BAYC journey, recounting the early days and highlighting the club’s unique features.

During the call, Crumz alleges that the scammers exhibited further suspicious behavior. They lacked a premium Zoom account and insisted on using multiple call links. 

Additionally, they requested permission to record the screen using a separate recording bot. Although Crumz initially thought nothing of it, alarm bells rang when they asked him to find a banana and say something that resembled his Bored Ape character.

Unable to produce a banana on the spot, Crumz excused himself momentarily, muting his screen. During this momentary lapse, the scammers attempted to take control of his computer, prompting him to intervene when they navigated to the website delegate.cash. 

Ultimately, all of Crumz’s valuable NFTs were securely stored in cold storage, safeguarding them from potential theft. He promptly shut down his computer to ensure his safety, hoping to sever any remote access the scammers may have gained. Crumz concluded:

Hopefully I’m safe now. Don’t think they can still control my computer when I turn it back on. Please be safe out there, it could’ve been a dreadful day today

Decline In Sales And Market Engagement

BAYC has recently witnessed a notable decline in various key metrics. The latest NFT data reveals a decrease in the number of sales, sales volume, and primary sales.

According to the latest figures, the number of sales has seen a significant drop of 33.59%, with 87 sales reported at present compared to 131 sales recorded the previous day. 

BAYC

This decrease in sales has also resulted in a decline in sales in USD, with a decrease of 38.02%. The current sales volume is $2 million, compared to $3 million on Sunday.

In terms of sales volume, primary sales have experienced a 100% decrease, with no current sales reported. In contrast, primary sales generated $12,000 in USD the previous day. Secondary sales volume has also declined 37.76%, with the current figure at $2 million, compared to $3 million from the previous day.

BAYC

Featured image from Shutterstock, chart from TradingView.com 

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Is Apecoin On Your Radar? APE Soars By 30% In 48 Hours, Signaling A Potential Bull Run

In a month marked by heightened volatility, Apecoin (APE) has been a battleground for bulls striving to prevent a dip below the crucial $1 mark.

This tug-of-war between bulls and potential downward pressure underscores the intense market dynamics surrounding Apecoin, leaving investors on the edge as they monitor the crypto’s price movements in this volatile November landscape.

The latest data from the spot market reveals a resolute stance from bullish traders, as orders for more than 11 million APE tokens have beern strategically placed around the current price.

APE has increased by 30% to surpass $1.70 following a decline to a weekly low of $1.30 on November 21. On-chain data projects long-term Apecoin investors’ resilience might reenergize APE price possibilities.

Apecoin Price Rebounds From All-Time Low

On October 9, the price of Apecoin plunged to an all-time low and narrowly avoided breaking below the $1 support level. However, the APE token has now increased by 40%, and as of November 24, the meme coin was trading at about $1.45.

The market situation that APE is now operating in is difficult. The recent price increases of the token are at risk due to bearish on-chain indicators.

Over the last few months, the amount of APE coins available on exchanges has almost doubled to a little over 50 million, which may signal an increase in buyer demand.

The combination of a decrease in active addresses and an increase in supply on exchanges indicates a pessimistic deviation, which may indicate an impending decline in the price of the meme currency.

Two notable corrections have occurred in APE during its current surge. The 61.8% Fibonacci level marked the first retracement, and 50% marked the second corrective.

These retracements are getting thinner, which is a bullish indication of increasing momentum and more buyer conviction.

Taking this into consideration, investors may use the 38.2% and 50% Fibonacci levels as a helpful guide when placing stop-loss orders, acting as a buffer against any market volatility.

Apecoin’s price is now bouncing between $1.063 and $1.506, indicating that it is in a volatile market. There are some indications of stability from the 10-Days Moving Average at $1.410 and the 100-Days Moving Average at $1.303.

Nonetheless, it’s important to keep an eye on the resistance levels at $1.695 and $2.139 and the support levels at $0.365 and $0.808. These levels will be crucial in influencing the short-term price movements of APE.

Shift In Address Dynamics

Meanwhile, as reported by IntoTheBlock, a positive trend divergence is evident between the long-term and short-term holder addresses for APE. Illustrated in the Addresses by Time Held chart, the count of long-term addresses has surged by 6,060 wallets since the beginning of November.

Concurrently, the Apecoin network has experienced a decrease of 3,800 in the number of trader/short-term wallets over the same period, highlighting a noteworthy shift in address dynamics.

The forthcoming week holds significant importance for investors in APE, as it will serve as a crucial assessment of the durability of this meme coin and its prospects for more upward movements.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Pexels

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ApeCoin (APE) Set For Upcoming Token Unlock, Bearish Pressure To Worsen?

ApeCoin (APE) will undergo a token unlock valued at $16.69 million. This development comes amidst the token’s bearish price action, which has led to it losing half its market value in Q3 2023. 

15.60 Million ApeCoin (APE) Set To Flood The Market Next Week

According to data from TokenUnlocks, ApeCoin’s next token unlock is set to occur on October 17, during which the ApeCoin DAO will release 15.60 million new APE tokens into circulation. 

This will mark the tenth APE token unlock in 2023, as this event occurs on the seventeenth day of every month. Based on more information from TokenUnlocks, the newly released APE coins will be allocated to five major parties. 

These include Yuga Labs and its founder, the ApeCoin DAO Treasury, charity, and the project’s launch contributors, i.e., early investors in the token before its official launch. Upon release, tokens are expected to form 4.23% of APE’s circulating supply.

ApeCoin was launched in March 2022, with a maximum supply of 1 billion tokens, of which 54.25% are currently unlocked. However, only 367.59 million APE are part of the token’s circulating supply.

APE’s Bearish Form To Continue?

Generally, token unlocks are usually accompanied by concerns of an incoming downward trend. This is because the sudden availability of large amounts of tokens may prompt some investors to sell and take profit, which puts downward pressure on the said token’s price.

As earlier stated, APE already finds itself stuck in a long bearish market. Although the token is only down by 2.79% in the last month, its overall performance in 2023 has been largely negative.

According to data from CoinMarketCap, APE has lost 70% of its value in 2023 compared to its market price as of January 1. 

APE could soon record more losses with the token unlock set for next week. However, that may not be the case. Based on historical data, token unlocks do not always result in a price loss, as notably seen with Aptos in January, in which the APT gained by 50% following its monthly token release. 

Moreover, there have been some interesting developments surrounding ApeCoin in the last week. On October 11, Polygon co-founder Sandeep Narwal proposed on the ApeCoin DAO the development of an exclusive layer 2 solution for ApeCoin, known as “ApeChain.”

Currently, APE is based on the Ethereum Network, and it functions as the governance asset of the APE ecosystem, which consists of NFT projects launched by Yuga Labs, such as the Bored Ape Yacht Club (BAYC). 

However, creating ApeChain could enable Apecoin to achieve a higher level of scalability, which, in turn, could positively affect its adoption and market price.

APE trades at $1.06 when writing, with a 1.47% gain in the last day. Meanwhile, the token’s daily volume is down by 16.96%, valued at $19.32 million.

ApeCoin

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Brace For Impact As $200 Million In Crypto Is Being Unlocked In October

In a sudden turn of events for what is usually expected to be a bullish month for the crypto industry, a series of token unlocks set to take place this month is now threatening this bullish momentum. With around $200 million in various altcoins expected to flood the open market, the current market rally may end up being short-lived.

$200 Million In Crypto Being Unlocked

Token tracking website Token Unlocks has revealed that around $200 million in various cryptocurrencies are being unlocked at various intervals through the course of this year. The tokens being unlocked range from SUI to Optimism to Aptos’s APT, among others.

A screenshot shared by Wu Blockchain on X (formerly Twitter) showed a list of tokens expecting large crypto unlocks in October, as well as the percentage of supply they represent and their equivalent dollar value. The first on the list is SUI.

SUI’s upcoming token unlock is by no means the largest on the list. But it is significant and will be the first to take place this month. Set to happen on October 3, 34.62 million SUI tokens (4.37% of supply) worth $17.11 million will flow into the open market.

Following this just a couple of days later on October 7 is the Immutable X (IMX) token unlock. This unlock will see another 1.55% of the total supply (18.08 million tokens) worth $10.91 million unlocked. Aptos follows five days later on October 12 with 4.54 million APT tokens accounting for 1.91% of supply and worth $25.81 million.

ApeCoin’s unlock of 15.6 million tokens will then take place on October 17. This represents 4.23% of supply and is worth $19.50 million; the third-lowest of the bunch.

The highest on the list in terms of dollar figures is the Axie Infinity token unlock. This crypto unlock will happen toward the end of the month on October 20, with 15.13 million tokens representing 11.50% of the total AXS supply. The dollar value of these tokens is $71.24 million going by current prices.

Last but not least, is another Optimism OP token unlock. It is slated for October 30 and 24.16 million tokens, similar to previous unlocks, will be brought into circulation. This translates to 3.03% of supply with a dollar value of $35.03 million.

In total, 31 crypto projects have scheduled token unlocks for the month of October. Other notable but smaller unlocks include DYDX’s $4.51 million unlock, CYBER’s $6.87 million unlock, FLOW’s $3.44 million unlock, and Space ID’s $3.98 million token unlock.

Crypto total market cap chart from Tradingview.com (Token Unlock)

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Crypto Alert: Solana, Aptos, APE And More Token Unlocks Coming This September

September is gearing up to be a pivotal month in the crypto space, with a series of substantial token unlocks for Solana, ApeCoin, Worldcoin, Optimism, dYdX and Aptos on the horizon. Popular crypto voices, @TheDeFinvestor and @wacy_time1, have taken to Twitter to provide insights, speculations, and analyses on these impending events. Here’s a consolidated look at their perspectives.

ApeCoin (APE)

Set to witness one of the most significant unlocks this month, APE will release $54.8 million, which represents 11% of its circulating supply, on Sept. 17. Both influencers highlighted the magnitude of this event. @TheDeFinvestor pointed out that most of the unlocked tokens would go to insiders, specifically launch contributors. Drawing from history, the last time a large amount of APE tokens entered circulation, the price experienced a sharp dip.

@wacy_time1 mentioned the potential risks of shorting APE, especially given its current position. Since the beginning of the year, the APE is in a steep downtrend which saw price decline by 80%.

Apecoin price

Worldcoin (WLD)

WLD is set for a daily unlock of $3.38 million. @TheDeFinvestor emphasized that in a year, the circulating supply of WLD would be three times its current amount.The token’s value has reportedly decreased by almost 50% since its launch. Despite this downtrend, both influencers cautioned against shorting it due to its large VC backers and potential price manipulations.

Solana (SOL)

Solana is set for an unlock of $10.3 million from staking on September 7. @wacy_time1 provided an analysis suggesting that a majority of the 2756 stakers receiving 531,574 SOL might not immediately sell. The influencer believes that any price drop could be an accumulation opportunity, emphasizing the potential of Solana.

Remarkably, just yesterday, Solana announced that payments giant Visa is scaling their USDC settlement pilot to include the Solana blockchain, enabling enterprise-grade throughput at virtually no cost for Visa issuers and merchant acquirers on Solana. The SOL price reacted with a 5% surge but couldn’t take out the 50% Fibonacci retracement level on the 1-day. As long as this mark is not surpassed on a daily closing basis, further upside potential seems ruled out.

Solana price

Optimism (OP)

OP will unlock $32.3M, or 3.03% of its circulating supply, on Sept. 30. These tokens are designated for core contributors and investors. @TheDeFinvestor mentioned that these groups are typically the ones most likely to sell. However, @wacy_time1 expressed a more optimistic view, suggesting that the price might not react negatively. The influencer emphasized the potential of Optimism following the success of Coinbase’s Base and hinted at accumulation opportunities if any negative price reaction occurs.

dYdX

On Sept. 26, $13.7 million, about 3.8% of the dYdX circulating supply, will be unlocked. These tokens are allocated to the community treasury, liquidity provider rewards, and trading rewards. @TheDeFinvestor highlighted the mid-long term selling pressure these unlocks might introduce, while @wacy_time1 did not express significant concerns regarding this token’s unlock.

Aptos (APT)

A standard linear unlock of $25 million is scheduled for APT on September 12. @wacy_time1 shared that he doesn’t anticipate a significant price reaction and might consider buying APT for speculative purposes if it drops below $3.

In light of these impending unlocks, the crypto community is advised to stay informed and exercise caution. The events of September are poised to offer both challenges and opportunities for crypto investors.

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SHIB, PEPE, APE Gain Against Bitcoin, Santiment Explains What This Means

Shiba Inu (SHIB), Pepe (PEPE), and ApeCoin (APE) have performed well against Bitcoin recently. Here’s what the memecoins’ profits mean.

SHIB, PEPE, And APE Have Enjoyed An Uptrend Recently

Bitcoin has been going through a major phase of stagnation recently as the number 1 cryptocurrency’s price has remained stuck between the $29,000 and $30,000 levels.

Much of the other market hasn’t been all that different, either. Out of the few coins that have gone against the grain and have displayed some volatility. However, the meme coins have especially stood out.

Shiba Inu, Pepe, and Apecoin, in particular, have all pulled away from BTC. Dogecoin (DOGE), the original meme coin, also saw bullish momentum earlier, but the asset has slowed down recently.

Out of these assets, PEPE has been the best performer, as it has observed profits of about 22% within the past week.

Pepe Price Chart

While Pepe’s weekly gains are certainly the most impressive of the bunch, the meme coin is actually in severe losses of 17% when considering the period of the past month.

ApeCoin has risen by 12% in the past week, and while the coin isn’t in negative during the past month, its performance for the period is still only flat.

Apecoin Price Chart

Unlike these two assets with significantly smaller market caps, Shiba Inu has not only registered impressive gains of 16% during the past week, but it has also observed a massive 32% rise during the last month.

Shiba Inu (SHIB) Price Chart

The reason behind the solid Shiba Inu performance is likely to be the much-hyped Shibarium upgrade, which is expected to launch sometime later in the current week.

Does The Memecoin Rally Hold Any Significance For The Greater Market?

All in all, it’s clear that these three meme coins have been building up bullish momentum recently, and they have been doing so simultaneously.

In a new insight post, the on-chain analytics firm Santiment has revealed that while these assets may be rising, their social volumes haven’t budged much.

SHIB Social Volume

The “social volume” here is a metric that keeps track of the degree of discussion that an asset is receiving on the major social media platforms. When this indicator has a high value, it’s a sign that a large number of users are talking about the coin and that there may be FUD or hype present around the coin.

In uptrends, this metric reaching very high values is generally not a good sign, as it shows that FOMO is on the rise among social media users, which is something that has historically had an opposite effect on the price and has led to top formations.

Since these metrics have risen for SHIB and the other meme coins, it means that social media users haven’t been paying too much attention so far to the pumps that these cryptocurrencies have been going through.

In the same post, Santiment also explains that the meme coins pulling away from Bitcoin have historically held significance for the entire sector. “This can often signal that the entire crypto market may be veering toward ‘overheated’ territory,” notes the analytics firm.

Santiment also says that when SHIB and co. see isolated pumps, “it is often associated with greed and/or boredom from the crowd. And these two behaviors often have adverse impacts on the markets.”

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ApeCoin Buckles As News Of Stolen BAYC NFT Hits The Market 

The Bored Ape Yacht Club NFT collection has been the target of an exploit this January 20th. FranklinIsbored, one of the biggest holders of BAYC NFTs, is targeted with an exploit of OpenSea’s stolen ApeCoin policy which allowed the attacker to sell a marked Bored Ape. 

This Bored Ape was marked  as “under review for suspicious activity” which supposedly locks the NFT from being sold. Franklin has been the target of this exploit for the second time this week with the first one being January 20. 

Since then, ApeCoin, the native token of the Bored Ape Yacht Club ecosystem, has fallen 1.3% in value in the past 24 hours. APE is currently trading at $5.80, up 16.6% in the last seven days, data from Coingecko show. 

The Gist Of The Situation

The two exploits happened within three days of each other. According to Franklin’s tweets, the flagged apes can’t be sold since they are subjected for review. These stolen assets shouldn’t have been sold in the open market according to OpenSea’s stolen item policy. 

The exploit works as the attacker uses OpenSea’s “Match Advance Order” system to “Mint” and sell it to Franklin. According to recent news, the total amount of Bored Ape and Mutant Ape NFTs being stolen has now reached nearly $20 million. 

OpenSea has not been transparent with the amount of stolen NFTs on the platform. Beetle, a self-described on-chain sleuth, has recently released charts of the platform’s number of stolen NFTs. In total, 1,278 NFTs have fallen in the hands of cyber-thieves within the platform.

The NFT marketplace has not responded since the news hit the market. 

ApeCoin Still Showing Potential

Even with the negative news surrounding BAYC, the token is still poised to see gains in the coming days. At the time of writing, the charts show that ApeCoin bulls are able to break through the $5.867 resistance. 

For the bullish momentum to continue, the token should close today above its current resistance which would give the bulls a chance to move upwards. However, if the resistance holds, a retest of the $5.063 support could occur in the coming days. 

The token also has a strong correlation with Bitcoin which is retesting the $23,000 resistance. If Bitcoin closes above this crucial $23k resistance, ApeCoin will have the boost needed to grab its September 2022 price levels. 

For now, investors and traders should focus on breaking through ApeCoin current resistance as a breakthrough on this level would mean more gains in the medium and long term. 

-Featured image from African Wildlife Foundation

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This Australian Crypto Exchange Lists LUNC, SHIB, And APE Coin

Shiba Inu (SHIB), ApeCoin (APE), and LUNC gained new support in January as Australian crypto exchange Cointree lists them on its platform. Cointree announced the news via Twitter recently.

Cointree is among the oldest crypto exchanges in Australia, based in Melbourne. It began operation in 2013 and offers over 280 cryptocurrencies on its platform, including the latest additions (APE, LUNC, and SHIB). In 2017, the exchange launched a learning hub that teaches and guides crypto enthusiasts on basic cryptocurrency subjects.

This development is not SHIB’s first Australian recognition. Earlier in December 2021, CoinJar, Australia’s oldest crypto exchange, announced the listing of Shiba Inu on its platform via Twitter. CoinJar also added six other cryptocurrencies, which include Cartesi (CTSI), Fetch.ai (FET), Origin Protocol (OGN), Audius (AUDIO), OXT, and Quant Network (QNT).

Performance Outlook For SHIB, LUNC, And APE Coin

Shiba Inu’s (SHIB) price has significantly increased in the past 24 hours and is trading at $0.0001239. SHIB is among the coins to see massive rallies this month. The crypto asset has added 21.8% over the past seven days and 28% in the last 14 days.

LUNC, a token that emerged after the rebranding of the original Terra chain to Terra Classic, is soaring after a decline on the 24-hour chart. LUNC’s price soared 3% on January 10 after announcing new integration on the network. The token has added 11.4% over the past 14 days and a 23.8% 30-day price gain.

Apecoin finds its utility at the forefront of the Web3 ecosystem through arts and entertainment. The token has also surged in price since the beginning of January. It is currently maintaining a 24-hour price decline of 0.33%, a 14-day gain of 27.6%, and a 30-day spike of 41.6%.

All newly listed tokens have seen favorable 30 days performance records. These coins’ performances might have partly influenced their listing on the Australian exchanges platform.

Australian Crypto Market Expansion And Regulatory Enforcement

Research has shown that Australians are very crypto-curious, with over 1 million citizens owning at least one cryptocurrency. According to Ray Morgan’s study, millions of Australians treat digital assets as investments. However, the highly volatile and relatively unregulated environment in the crypto market has hindered further expansion in the country.

As per reports, crypto regulation has been part of the government’s agenda, but it has met obstacles because regulators struggle to understand the market.

Moreover, crypto tax obligations are confusing and hard to understand for non-crypto experts. However, after the FTX implosion, the Australian government became earnest in its crypto regulatory pursuit.

As the industry continues to grow, Australia vies to be a global leader in crypto certifications and regulatory and consumer protection measures. The government has put regulatory measures in place for crypto custodians and exchanges to protect its citizens who trade in digital assets.

In December 2022, the Australian Treasury hinted at its plans to begin consultation on legislative reforms. It aimed to strengthen consumer protection standards for crypto custody arrangements and tighten its regulation over crypto exchanges. According to the report, the government will create a licensing framework for crypto exchanges in 2023.

Cointree’s new tokens listing comes as Australia anticipates a new regulatory framework for exchanges and the broader crypto industry.

This Australian Crypto Exchange Lists LUNC, SHIB And APE Coin

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ApeCoin Falls Below $4 Again As Its Treasury Sells Its Own Token Holdings

ApeCoin (APE) seems to be ignoring the push that the broader crypto market is making that enabled many cryptocurrencies record significant price increases during the previous 24 hours.

In fact, the digital currency that currently ranks 35th in terms of market capitalization has gone down by 3.1% for its intraday performance as it once again fell below the $4 marker.

According to latest information from Coingecko, at the time of this writing, the asset is trading at $3.99 and its weekly and bi-weekly gains have now dropped to 15.2% and 33.2%, respectively.

Over the last 30 days, ApeCoin has declined by 15.7% as it continues to struggle and although the prevailing crypto winter and the implosion of FTX are some of the possible reasons for this, some experts believe there’s more to it than just these.

More Than $19 Million Worth Of ApeCoin Disposed

At least five APE treasury wallets were found to have been using one address, referred to as “0xa29d” as a means for relay between other addresses linked with Coinbase, Binance, and the crashed FTX to facilitate and hide the massive sell of tokens.

A little over 4.6 million ApeCoins worth $19.7 million have been moved out from the project’s treasury wallet and were distributed among various addresses.

“0x876c” accounted for the largest chunk of the moved assets while around 50,000 tokens were found out to have been sent to “0xa29d.”

As it would appear, ApeCoin itself is actively and aggressively selling its holdings while exerting a lot of effort to hide its tracks by using new addresses before sending a boatload of tokens to different crypto exchanges.

As for the reason, it’s anyone’s guess up to this time as developers has yet to address the matter and offer an explanation as to why its treasury is selling its APE coin holdings.

ApeCoin Faces Daunting Road To Recovery

After peaking at $23.63 back in April 29 this year, the crypto asset has been on a steady decline until it stopped the bleeding on November 10 when it changed hands at $2.85.

Although it has managed to reclaim the $3 and $4 territories, it is still far from its pre-dump levels and is now being considered as pain in the head for investors that made it part of their portfolios.

There might be some breathing space left for the cryptocurrency as Coincodex predicts it will go up by 12% over the next five days to trade at $4.43.

However, the start of 2023 appears to be a gloomy one for the project and its problematic token as the crypto is forecasted to enter next year with a changing hands value of $2.97.

Crypto total market cap at $815 billion on the daily chart | Featured image from The Guardian, Chart: TradingView.com

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Apecoin Price Likely To Climb 20% If APE Can Sustain Its Energy

Apecoin (APE) is currently having a challenging start for November as it continues to paint its chart in red, declining by almost 15% over the last 30 days.

The main cryptocurrency of the Bored Yacht Club ecosystem that was launched in March 16, 2022 is changing hands at $4.44 according to tracking from Coingecko.

Here’s a quick glance at how APE has been performing this month:

  • Apecoin finally managed to break out of its bearish price pattern after six months
  • APE has been down by 6% over the last seven days
  • A 20% surge is possible if volume spike is sustained beyond the $5 marker

During the last 24 hours, the token went down by 7.2% and has lost 6.2% of its value over the last seven days.

Still, for a newly released crypto, it has been performing well, placing 40th in raking according to market capitalization with its $1.40 billion overall valuation.

Also, while Apecoin is struggling right now, its technical indicators are pointing at a possible massive surge that could happen anytime soon.

Apecoin Ends Bearish Pattern With A Bullish Breakout

Shortly after being released, APE immediately became a victim of the volatile nature of the crypto market as its price was caught in a descending triangle pattern which is a bearish one.

Source: TradingView

But, in November 5, Apecoin managed to break free from the descending loop and started to gain some ground to initiate a bullish movement.

The following day, the crypto not only reached the $5 marker but ultimately surpassed it as it peaked at $5.20. However, the asset wasn’t able to keep it up as it abandoned the $5 region on November 7 and has been on a decline since then.

One good thing for APE is that it was able to establish $4.175 as its support level. If buyers are able to generate enough volume spikes and sustain it after the crypto reclaims and surpasses the psychological $5 mark, there’s a high likelihood that Apecoin will surge by 20% and hit $6.

Moreover, with a double-bottom reversal, that $6 marker could be established as APE’s new support region, indicating that the asset could go as high as $6.6.

Google Provides More Utility for Apecoin

It can be recalled that few weeks ago, Google showed is support for cryptocurrencies by announcing that it will allow the use of Apecoin as well as Dogecoin and Shiba Inu as payment for its cloud services.

Although the tech giant had maintained a negative stance with regard to crypto assets, its management said the company is revisiting its policies to open its doors for digital currencies.

With this, Google, who has already collaborated with Coinbase, will start accepting APE, DOGE and SHIB payments in early 2023, although there is no definite date yet as to when the measure will be in full effect.

APE total market cap at $1.29 billion on the daily chart | Featured image from Pexels, Chart: TradingView.com

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Apecoin (APE) Price Ranges As Altcoins Rally; Are Bulls In Control?

  •  APE’s price fails to rally high as the price continues to stall in its price movement despite the market looking green across boards. 
  •  APE’s price continues to trend below key support as the price tries to build more strength to overcome this area of resistance that has held the price from rallying. 
  • APE’s price remains indecisive on the daily timeframes as the price trades below the 50 and 200 Exponential Moving Averages (EMA).

The price of Apecoin (APE) has failed to rally like other altcoins in the past few weeks as the price continues to stall in its price movement with little hope of a rally to a high of $10 ahead of its anticipated staking. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Apecoin (APE) has remained relatively slow in recent days as buy orders have become slow due to the price facing resistance to breaking higher. (Data from Binance)

Apecoin (APE) Price Analysis On The Weekly Chart

The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more. 

The new week has looked a bit skeptical, but things are beginning to shape up and looking more promising for some altcoins, like BAND, rallying over 100% in less than 24 hours, showing the price action and volume for buy orders. The price of APE has shown little sign of volatility as the price continues to stall in its price movement as the price aims to break out of its shell with a rally imminent.

After dropping from its high of $27 in recent months with so much hype for APE during the sale of “Otherside” metaverse land, the price of APE has failed to show its price action after rallying from a weekly low of $9 to its high, the price of APE has struggled recently to pull off a rally that has left many in euphoria. 

The price of APE saw its trade at a low of $3 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $7 as the price found itself trading in a range before the price of APE was rejected to a range bound movement. 

Weekly resistance for the price of APE – $7.

Weekly support for the price of APE – $4.5.

Price Analysis Of APE On The Daily (1D) Chart

Daily APE Price Chart | Source: APEUSDT On Tradingview.com

In the daily timeframe, the price of APE continues to look strong as the price could be set to breakout of its long-range price movement to a high of $7; recapturing the key support of $5.5 would be a good sign for the price of APE and would mean price rallying to a high of $7.

The price of APE trades at $5 above the 50 EMA, which indicates a good relief sign for APE’s price on the daily timeframe could be poised for a major breakout if prices close above $5.5 after facing rejection to trend higher. 

Daily resistance for the APE price – $5.5.

Daily support for the APE price – $4.5.

Featured Image From zipmex, Charts From Tradingview

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ApeCoin Shows Bullish Bias; This Level Needs To Be Broken For A Rally To $7

  • APE’s price shows strength as it bounces from a downtrend range price rallied to a high of $5 with eyes set on $7. 
  • APE could rally more as the price creates more bullish bias by breaking out of a downtrend triangle with eyes set on rallying higher.
  • APE’s price remains strong on the daily timeframe below the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

The price action displayed by Apecoin (APE) in the past few days has been tremendous, with Bitcoin (BTC) creating a more bullish scenario across the crypto market; this has also propelled the price of Apecoin (APE) from its key support area. The crypto market is looking increasingly welcoming as many altcoins continue producing over 50% gains. The likes of DOGE have seen some great runs in recent times rallying from a low of $0.055 to a high of $0.15, with many others, like APE showing great recovery signs. (Data from Binance)

ApeCoin (BTC) Price Analysis On The Weekly Chart

Apecoin (APE) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of APE has enjoyed a measure of relief after showing so much strength on the weekly low, rallying to a high of $5.

Previous weeks have been nothing short of a tough and boring time for APE price as price continued in its range movement around $4.2, holding above key support area haven enjoyed some great rally during the “Otherside” metaverse sale.

After its weekly close of above $4.3, the price of APE rallied to a high of $6; the price has faced a minor rejection to break higher to a region of $6-$7; the price struggled to break above this region.

The price of APE has maintained its bullish structure above the $4.3 region, as the price of APE eyes a rally to a region of $6 which could prove to be very key in its price rally to $7. If the price of APE fails to overcome $5-$6, we could see the price drop to $4.5-$4.3

Weekly resistance for the price of APE – $6-$7.

Weekly support for the price of APE – $4.5.

Price Analysis Of BTC On The Daily (1D) Chart

Daily APE Price Chart | Source: APEUSDT On Tradingview.com

In the daily timeframe, the price of APE continued to look strong as the price broke out of its descending triangle, with good volume rallying to a high of $5 but faced a little rejection to flipping this resistance into support and trending higher to a region of $7.

APE currently trades at $4.9, just above its key support formed at $5 after its successful breakout from a descending triangle. The price of APE trades below the 50 EMA, and the 50 EMA corresponds to $5, acting as support for the price of APE. 

Daily resistance for the APE price – $5-$6.

Daily support for the APE price – $4.5.

Featured Image From zipmex, Charts From Tradingview 

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Why ApeCoin Traders Should Expect The Next Coming Days To Be Tough For APE

Since its release on May 22 this year, ApeCoin has experienced lots of challenges. To date, its prices have steadily decreased. The difficulties started in the middle of the May–June crypto market meltdown. 

Although ApeCoin was designed to aid the APE project on its Web3 journey, the token’s price has recently broken to a bearish structure after falling below the $5 support level.

If the bearish structure continues to gain ground, does that mean a rally is imminent?

As of this writing, APE is trading at $4.72, down 7.6 percent in the last 24 hours, data from Coingecko show, Wednesday.

Chart: TradingView
Support For Current Price Range

There is a price range of $4.3145-$6.4290 for the coin right now. The aforementioned $4.3145 range is providing support for the current trading range. In August, bulls used the latter method to try to break over the $7 resistance level.

The token has recently established a bearish XABCD pattern, often known as a double triangle. When the token’s price fell below the $5 support level it had been hovering above since the middle of September up to October 10, the bearish pattern intensified.

The market’s reaction to this apparent price break was strongly bearish, and the resulting sell-off drove prices down by 19.43%. The market is currently trading in the green, though, as investors attempt to recover from the recent downturn.

Hope Or False Optimism?

For the token, the present trend reversal is not unprecedented. The price increase from June to August was a bullish reversal after the token declined from May to June. This sort of reversal is possible if market conditions are favorable.

The current $5 support line breach can go one of two ways:

(1) it can convey sell signals to investors, or 
(2) it can give an opportunity to buy the dip for token investors

A new analysis indicates that the supply on exchange metric is currently at its highest level in three months, which is a strong indication that APE holders are preparing to sell their shares.

The CMF figure is also unimpressive. At the time of writing, the bears have total market control. Stoch RSI is currently in oversold zone, indicating that ApeCoin holders are actively selling.

The Bollinger band is also contributing to the difficulty of any bullish movement, as the indicator’s middle band is currently acting as dynamic resistance.

APE market cap at $1.4 billion on the daily chart | Featured image from Capital.com, Source: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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ApeCoin Crashes 7% Following SEC Probe Against Yuga Labs

ApeCoin (APE) is trending to the downside as the U.S. Securities and Exchange Commission (SEC) announces an investigation against its parent company, Yuga Labs. The creators of popular non-fungible token (NFT) collections, including Bored Ape Yacht Club (BAYC), the regulator will look into a potential violation of their securities laws.

 According to a report from Bloomberg, the Commission will investigate the “affinity” of the digital assets minted and promoted by Yuga Labs and the possibility that these NFTs are “more akin to stocks”. This would place the crypto company in an alleged violation of U.S. federal law.

The report quotes a source familiar with the matter, this individual also claims that the investigation will extend to ApeCoin, the native token that supports ApeCoin DAO governance model offering its users access to a staking mechanism. Via this token, holders can make decisions related to the project.

APE was launched as part of an initiative to provide BAYC investors with more voice and power over the project via the ApeCoin DAO. Via social media, many users are expressing concern about the future of the DAO and its staking mechanism leading to the crash in the price of the token.

In a statement to Bloomberg, a representative for Yuga Labs stated:

It’s well-known that policymakers and regulators have sought to learn more about the novel world of web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem. As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way.

APE’s price trends to the downside on the daily chart as SEC announces probe against Yuga Labs. Source: APEUSDT Tradingview
ApeCoin And Yuga Labs Fall Into SEC Scrutiny

A probe can escalate from the Commission against Yuga Labs, such as pursuing a legal case. However, not every probe leads to legal action.

Under the leadership of Gary Gensler, the SEC has been targeting crypto-related activity. On several occasions, the current SEC Chair has compared crypto with the “Wild West” and has classified “most of the crypto” as potential securities. Bitcoin is the only exception that Gensler seems willing to admit publicly.

Over the past months, SEC enforcement actions against crypto projects have increased. The Commission seems to be targeting major and very well know entities, such as Yuga Labs and their projects BAYC and ApeCoin, socialite Kim Kardashian, and others.

Their current biggest case involves payment company Ripple and the alleged offering of an unregulated security, XRP. According to a report from FOX, some SEC staff believe the Commission is pushing this lawsuit for the personal benefit of Gary Gensler and his desire to be nominated for Secretary of Treasury.

The Commission is allegedly understaffed and pushing many to seek employment elsewhere as they disagree with Gensler’s management style and complaint about long working hours. At the time of writing, there is no statement from Yuga Labs regarding the probe.