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ApeCoin Performance Could Attract The Whales – How About The Bulls?

ApeCoin has recently made it to the top 10 in terms of trading volume from over 100 of the largest ETH whales as seen in the past 24 hours.

  • APE made it to the top 10 in terms of trading volume
  • ApeCoin’s MRV has been seeing sustained growth
  • APE price up by 1.46%

The Bored Ape Yacht Club isn’t running out of cards to play with the integration of a new staking rewards program that caught the attention of many ETH whales. The developments surrounding the BAYC token could be the main culprit for its recent popularity.

The buoyancy experienced with the increase in whale interest is just one of the many impressive developments happening for APE.

ApeCoin Bullish Technical Indicators

For one, ApeCoin’s MRV has been seeing sustained growth and doing tremendously well over the past month. With all of these positive indicators flashing, investors will see this as a bullish streak for APE.

Additionally, APE’s market capitalization has also surged from $1.46 billion to as much as $1.65 billion as of this writing.

According to CoinMarketCap, the APE price has skyrocketed by 1.46% or trading at $5.40 as of this writing.

However, APE’s trading volume has seen a massive reduction from 590.45 million to 141.08 million. ApeCoin also registered a drop in terms of activity which shows the limited wallet transactions.

Based on this scenario, the APE price could sink below the $5.135 key support line in the coming days. Moreover, the altcoin’s RSI at 39.64 and CMF at -0.03 also demonstrate a bearish movement.

Based on the APE chart, there really isn’t much traction noted since its launch in March. Notably, APE has plunged by as much as 80% from its ATH with NFT demand going down; the demand for APE also dwindled down.

There is really so much going on in the NFT market that is causing the sideways motion of ApeCoin.

BAYC Innovates With Rewards Staking Program

If there’s one thing really impressive about the BAYC, it is the creators who continuously reinvent themselves and innovate their brand to be more relevant to their target market. Its staking rewards program is one of its huge developments so far.

With a rewards staking program, the crypto is locked up for a certain period at which you’re not allowed to trade it but it generates passive income for you as the owner. By letting someone gain access to your crypto for a prescribed time, you earn rewards.

Staking rewards are extremely popular with investors because you gain more revenue by staking your altcoin especially if it’s relatively going up in value.

The sneak peeks of the ApeCoin rewards staking program were rolled out on September 3. Recently, on September 22, Apecoin revealed that the rewards staking program will go live on October 31.

APE total market cap at $1.65 billion on the daily chart | Source: TradingView.com

Featured image from MakeUseOf, Chart: TradingView.com

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ApeCoin (APE) Sees Higher Prices Even In Bearish Market Conditions

After the emergence of Decentralized Finance, Non-fungible tokens erupted in the crypto space. The novel sector carried its frenzy wave for a long time before normalizing and continuing a gradual expansion. One of the notable coins from the NFT sector is ApeCoin. 

ApeCoin is built on Ethereum and connected to the Bored Ape Yacht Club NFT launched in 2021. At launch, only one billion ApeCoin tokens were created and fixed without plans of releasing more.

Related Reading: Cosmos Struggles With $17 As Price Heads Into Distribution Phase

During the launch, the team sold some tokens and reserved some for later dispersal.

The Reason Behind Higher Gains Of APE Coin

Earlier this year, analysts predicted that ApeCoin APE could reach $5 by November 2022. But the coin has surpassed the predictions and is currently trading at $5.65 on September 20. Though the ApeCoin APE, at the time of writing, has lost over 7% in the last 24 hours, it added over 10% in the last week. The achievements place it above many coins presently trading in the red.

Many investors now wonder what the force behind ApeCoin’s growth could be. A little research showed that the recent event on its network could have helped to boost the price gain. 

On September 17, ApeCoin treasury gifted 25 million APE tokens to launch contributors. These tokens were part of the ones reserved after launch. 

The event news pushed APE up almost immediately before it settled down again. Fast-forward to September 20, the market sentiment for APE is still positive, gradually moving its price above others in the same league.

APE’s price is currently hovering above $5.50. | Source: APEUSD price chart from TradingView.com
Why Is The Crypto Market Bearish?

The early hours of September 19 saw the whole crypto market in the red. Many coins lost their previous price gains and crashed. This trend started on September 15, immediately after the Ethereum Merge. 

The event expected to reverse the market to a bullish trend now caused the opposite. Bitcoin historical data shows that it lost $1000 immediately after the merge. On the other, Ethereum lost its grip on $1600+, plunging to $1,471.69 the same merge day. 

Three days later, Ether’s price fell to $1,335.33, causing many to say that the upgrade was overhyped. As Bitcoin and Ethereum lost price gains, other cryptocurrencies followed suit, leaving the market in red on September 19. 

But what could be the reason for the price loss? This week opened with a lot of dread as the market awaited the new interest rate hike. Recall that the inflation data released for August was higher than expected. 

As a result, the Federal Reserve is to release a new interest rate, a third-straight 75-basis-point. 

Will The Interest Rate Hike Plunge The Market? 

The meeting for the rate decision kicked off on September 20 and will end on September 21 with the announcement. Currently, the whole financial market awaits the information in fear. 

Some even hinted that the Feds might target a 100-point, a level not reached in the last 40 years. Analysts on Wall Street and JPMorgan Chase keep debating whether the 100-point basis would be the next level. 

Related Reading: ETH Backpedals After Hitting $1,800 Ahead Of Merge Last Week

But on the side of investors, a 75-basis point will be suitable for them instead of the feared level. As the meeting is moving towards the end, asset prices have become highly volatile, showing the uncertainty gripping investors. 

By tomorrow, September 21, the Fed’s decision will determine the trend erupting in the crypto market. 

Featured image from Pixabay and chart from TradingView.com

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ApeCoin (APE) Shows Signs Of Recovery, But Mini-Rally Could Be Short-Lived

ApeCoin has had a long and complex history. When it was first released on March 17, it was immediately put to the test by the same market forces that were responsible for the general crypto market’s slump.

The coin’s price has broken through the resistance of a head-and-shoulders pattern, rising to a new all-time high of $5.63. This may portend an impending upswing, but technical signs are pointing in the opposite direction.

Overall, both bulls and bears have been able to make little gains in APE coin, making the overall trend neutral. There is a double bottom pattern on the coin as well. This pattern could foretell a continuation of the current downward trend.

ApeCoin: Robust Buy Signals Likely

However, this downward tendency has not materialized, yet. The current APE coin mini-rally may be a short-lived upsurge following the decline that began on September 13.

There have been double bottoms and single bottom reversals in the price of APE coin recently. Bearish feeling among investors can only be reversed if the price is able to sustain itself at the 78.60 percent fib level. The result may be more robust buy signals for market participants.

We anticipate that APE’s price will rise when the crypto market recovers alongside the broader financial sector. And that’s if the cryptocurrency market can ignore the impending bad CPI news and interest rate increase.

The value of alternative cryptocurrencies like APE coin is highly correlated with Bitcoin’s market price. This coefficient is now at 0.73 as of this writing. A high degree of correlation between the two currencies indicates this.

Short-Term Performance: Finding Support 

The short-term performance of the ApeCoin is “acceptable,” but only with access to real-time data. As of this writing, the cryptocurrency is trading above the 78.60 Fib level and attempting to find support there. Taking the coin’s track record into account, this may just be a momentary victory.

The APE coin’s value will rise as a result of a general uptick in the economy and financial markets. Critical aid can be found between $4.24 and $4.60. Both the price drops and price increases that the coin has seen have been maintained and sustained by these two factors.

The $4.60 support level is where the price can find a floor before falling to the $4.24 area. However, the recovery of APE coin may fail if bears also break through the $4.24 support.

However, recent market data indicates that APE currency is showing signs of recovery. At the 1-hour time frame, the coin has firmly established above the 78.60 fib level. As the cost levels off, dealers and investors may gain confidence.

APE total market cap at $1.7 billion on the daily chart | Source: TradingView.com

Featured image from Pexels, Chart: TradingView.com

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

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ApeCoin Climbs 4.3% In Last 7 Days – Where’s APE Getting All That Energy?

ApeCoin (APE), the Bored Ape Yacht Club token, has been rallying over the past week with gains registering at a peak of 4.3% and trading at the $5.12 level.

  • APE shows energy, rallies 4.3% in the past seven days
  • Coin impacted by general crypto slump
  • US inflation also weighing down on crypto price

APE is a busy bee and apparently, the recent uptick enjoyed by APE is said to have been ushered by current projects or developments in the network.

The Ape Foundation has recently rolled out a couple of recommendations in line with the Decentralized Autonomous Structure (DAO) election procedure. In the event that these proposals are approved, there would be a rolling election instead with an election of council members every three months.

ApeCoin Recent Developments Contributed To Its Surge

With the rest of the other altcoins having a hard time breaking through, quite the opposite is happening for ApeCoin. APE price has surged and looking bullish.

However, the plunge in the value of crypto is dubbed to be of the reasons why APE isn’t gaining traction.

ApeCoin has recently posted on Twitter stating that this provides an increasingly stable ecosystem to haul in new members and so far, ensures the consistency of the DAO to manage and transfer knowledge and expertise to the community.

Community members have been recommending broader representation from individuals who do not have existing affiliations with crypto-backed organizations to avoid any conflict of interests.

Currently, the Ape Foundation is composed of Amy Wu (FTX Ventures), Yat Siu (Animoca Brands), Alexis Ohanian (Reddit), Maaria Bajwa (Sound Ventures), and Dean Steinback (Horizon Labs).

Crypto Market Experiencing Downtrend

According to CoinMarketCap, ApeCoin’s price had nosedived by 4.05% or trading at $4.73 as of this writing.

The crypto market has been experiencing a downtrend recently with the total market cap sliding to below $1 trillion as observed in the past 24 hours.

Evidently, the king of crypto, Bitcoin, failed to climb or show any improvement as it trades at roughly $20,000 yesterday.

U.S. inflation seems to be severely impacting crypto prices. So, it is indeed the crypto market’s overall dilemma that prevents ApeCoin from moving further up north.

Another factor that is preventing the gains of ApeCoin is the current dollar strength. The U.S. dollar is on an upward trend since Thursday as it shoots through previous highs in line with the U.S. Federal Reserve trying to tame inflation.

Their efforts are seen to work with the U.S. dollar remaining stable at 109.84. More so, the risk-off market sentiment has also helped the U.S. dollar, increasing the demand for fiat currencies such as the U.S. dollar.

Judging by the technical side, APE seems to have gained support at the $4.95 zone and a breach below this mark could allow the coin to capsize further until it touches the support zone of $4.35. 

On the other hand, the daily timeframe revealing an upward trendline is beneficial to altcoins.

On the flip side, a breach at the $4.35 level could trigger a downtrend for the APE/USD pair to funnel down to as low as $3.12.

APE total market cap at $1.46 billion on the daily chart | Source: TradingView.com

Featured image from The VR Soldier, chart from TradingView.com

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APECoin Retraces 2.5% In Last 7 Days – More Selloff In The Offing?

ApeCoin (APE) has been a high-performer with the price surge seen in the past couple of weeks.

  • ApeCoin moving erratic in an ascending parallel channel.
  • Price maintains to hold above the key support zone of $6.5.
  • APE/USD pair gearing sideways spotted at 0.000286 Satoshis.

The buying pressure has been impeccable pushing the prices way up. With the recent uptrend, APE registered a 9-week high peaking at $7.8 in the past week.

On the other hand, buyers are trying to keep the coin soaring this week – and it seems like they’re facing hard times. The altcoin is seen to retrace by 2.5% as seen in the past seven days with increased selloffs looming in the next coming days.

APECoin Price Trades at $6.83

According to CoinMarketCap, APE coin price has dropped by 1.39% and trading at $6.83 as of press time.

A weekly price candle has shaped up in conformity with the past bullish candle. On the 4-hour timeline, the altcoin’s price action is observed to appear with a strong wave of higher-lows and higher-highs within the ascending parallel channel.

At this point, buyers are trying to maintain APE as it hovers above the support line of $6.5.

A bullish hurdle for the bulls is spotted right at $8.0. Now, if the bulls are able to breach this critical resistance zone, then $10 may be the next target. The RSI for APE has hovered downwards to revisit the semi-line as seen on the daily price timeline.

Despite the MACD staying above the neutral zone, it still looks rather tepid or flat. More so, the histogram is also weakening.

RSI Shows Retracement; Bears Trying To Claw Their Way In

ApeCoin still managed to trade in an upward parallel channel despite the withdrawal in price seen close to the resistance level of $8.0. RSI shows a bit of retracement and in the event that RSI breaches below the half-line, the bears could potentially breach the parallel channel.

On the daily chart, APE has dipped to 20 EMA or below 100 DMA but is trying to hold on positioning itself above 50 EMA. More so, APE coin price is seen to trade within an ascending parallel channel for over a month now or since July 13. The bears kept on clutching the token but the bulls are not taking it lightly and continuously trying to swing the token near the upper trendline.

APE coin currently trades showing strong downward movement closing near the lower trendline of the ascending parallel channel. Now, APE coin must gain massive support from the bulls the soonest it gets into the trendline and hit reverse to prevent further dips below the channel. 

APE total market cap at $2.09 billion on the weekend chart | Source: TradingView.com

Featured image from AirdropAlert, Chart from TradingView.com

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GNOX Set To Overtake APE, MATIC As Token’s Price Continues Ascent

GNOX, and the crypto markets, are slowly recuperating from months of recession. And it’s not just the crypto winter that’s to blame, a whole rigmarole of other factors comes into play.

Traders and investors are now looking for the most lucrative and promising cryptocurrencies and projects like the blue-chip GNOX.

With its impressive business model, many crypto experts are placing their bets on the token, a new breed of DeFi or smart money that is expected to eclipse APE and MATIC in terms of price gain.

Related Reading | BNB Basks In The Green As Price Glows 5.84% In Fields Of Red

GNOX Pre-Sale Price Spikes 60%

Gnox is a revolutionary and user-friendly Decentralized Finance earning tool which comes handy even for beginners. Evidently, the token’s pre-sale price has spiked by 60% even if it hasn’t been launched yet.

Gnox is yet to launch in August 2022 but to date, it has already amassed hefty pre-sale gains matching the needs of private and institutional investors. Its massive growth even at a pre-launch stage is comparable to that of EOS and Binance Coin (BNB).

Gnox is definitely great fit for newbies in the DeFi space because its platform is made conducive to investors who are looking to create passive income from crypto.

APE And MATIC Enjoy Price Pumps

APE and MATIC are also enjoying significant price hikes as the Bored Ape Yacht Club APE token price increased by 20% which goes the same with Polygon’s MATIC price that jumped by 16%.

Polygon recently announced an ETH upgrade which gave MATIC increased momentum especially since it was also made public that the latter has been chosen to be a part of much-coveted Disney accelerator program.

These left and right collaborations and development paved the way for MATIC’s recent increase in price that soared by over 60% in the past couple of days. More so, MATIC has also grown rapid to over 126% as seen in the past making the token one of the high-performers among cryptocurrencies at that particular time.

Related Reading | Shiba Inu Whales Trading Volume Surges 640% As SHIB Holds Critical Support

Crypto total market cap at $1.03 trillion on the daily chart | Source: TradingView.com
The Promise Of Passive Income

Gnox promises passive income opportunities apart from ridding off middlemen in financial tractions. It’s also the first-ever protocol that has a treasury. It aims to simplify DeFi and make it easy-running for all investors; even for entry-levels.

For those with low-risk appetite, Gnox is a haven because this platform allow everyone to access lending and liquidity protocols without taking lengthy steps. The only requirement is to buy and hold GNOX and then start earning passive income out of it.

Apart from providing passive income, Gnox also aims to be platform for different DeFi activities. In the future, Gnox is also planning to launch NFT staking and a decentralized exchanged combined with an aggregator tool.

Once Gnox is launched, the protocol is designed to be 100% decentralized and with zero human intervention.

Featured image from Analytics Insight, chart from TradingView.com

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Preference For Ripple XRP Surges Among BSC Whales

There has been a long ongoing lawsuit between Ripple (XRP) and the United States Securities and Exchange Commission (SEC). Throughout the case, Ripple’s native token, XRP, has not seen any progressive growth. This stagnation in its price move has lingered even before the emergence of the extreme crypto winter.

But things seem to be taking a dramatic twist for XRP recently. With the ruling of the case, the price of XRP is positively waking. Also, the crypto coin is gradually becoming the leading choice for most BSC whales.

Related Reading | Bitcoin Funding Rate Turns Highly Positive, Long Squeeze In The Making?

XRP has shown more stability amid the collapse in the broader crypto space. It’s among the rare tokens that have not demonstrated a massive swing in value. Within 30 days, the XRP price has displayed a 1% marginal increase. This impressive trend is quite the opposite of the king of crypto Bitcoin. The price of BTC has dipped by almost 10% within the same period.

WhaleStats showed that XRP has suddenly risen as one of the most used smart contract tokens. It noted that this trend has persisted over the last 24 hours among the 1,000 and 500 BSC whales. Also, the record from the firm displayed that the top 2,000 huge investors on BSC hold large XRP tokens worth about $15.09 million.

Following the announcement of the long-running lawsuit between Ripple and SEC, the hike in the whale activities for XRP heightened.

XRP trends upwards on the daily chart | Source: TradingView.com

Through Judge Netburn’s pronouncement, the court has denied SEC’s assertions over Himan’s ETH speech. Also, the commission received the court’s mandate to produce all relevant internal documents.

The court order stated that the commission is expected to submit the two proposed redactions to enable in-camera review by the court. Ripple’s attorney noted that the SEC could appeal the court’s decision to Judge Torres. Also, the SEC could demand up to one or two weeks as an extension for filing the objection.

Ripple XRP Gets More Listing of Pairs

In a new development, the Bitrue crypto exchange is offering its support to Ripple XRP tokens. According to the exchange’s statement, it would list up to 10 XRP pairs on its platform for customers. In addition, the exchange stated that its pair would be on crypto SAND, MANA, AAVE, BTTC, ALGO, AR, APE, CHZ, HBAR, and DENT.

Related Reading | Market Update: MATIC, UNI And AAVE Outperforms While Bitcoin Strugles To Hold Above $20k

Data from reporting source highlighted that XRP is currently trading at $0.35 at the time of writing. With a trading volume of about %1.11 billion. Ripple XRP still maintains its market cap, which is more than $15.22 billion.

Featured image from Pexels, charts from TradingView.com

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ApeCoin Performance Lags Behind Other Altcoins – Here’s What Happened To APE

ApeCoin (APE), the Bored Ape Yacht Club collection’s native coin, has been continuously falling since the June slump, reaching a low of $3.05.

Even though APE is now trading at a premium of 6.5% over its initial price on Friday, its performance still pales in comparison to other altcoins.

As of this writing, APE is trading at $4.69, a decrease of 3.5% in the last 24 hours, according to data provided by Coingecko on Friday.

APE reversed the downtrend on the 4-hour chart after reaching $3.06 in the previous month. Nevertheless, the price encountered numerous obstacles at the $5.3 and $5.5 levels and became sluggish from there.  APE is now reevaluating the $4 support.

Suggested Reading | Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain The Positive Noise?

Further Downturn In The Offing For ApeCoin?

ApeCoin is approaching a standstill, which could initiate a reverse. Due to the possibility of a further decline in the market value of APE, investors must be wary of the downturn, which has the ability to disrupt the gains and cause further weakening.

Since the middle of June, the price of ApeCoin has fluctuated laterally. If the $4.00 barrier holds as support, a rally to $6.00 is likely. A break of the $4.00 threshold may result in an extra 33 percent dropping to $3.00.

The NFT market is one of ApeCoin’s attractions, although the market is currently displaying very dismal numbers.

After reaching $42.1 million in sales in May, BAYC NFTs have not produced substantial volume for the past two months. During this time period, the BAYC’s average volume was $2.1 million.

APE total market cap at $1.4 billion on the daily chart | Source: TradingView.com

APE Drops More Than 80% From ATH

Since the June 30 swing low of $4.20, ApeCoin’s price has increased by around a quarter. This gain briefly surpassed the $5.02 barrier, but purchasers were unable to sustain this recent turnaround. As a result, APE moved below the mentioned level, indicating an impending downward trend.

Suggested Reading | CEL Token Price Plummets 50% As Celsius Goes Bankrupt

In addition, it is vital to remember that NFT sales for the month of June barely surpassed $1.3 billion. Prior to that month, OpenSea executed around $3.1 billion worth of transactions.

In other words, APE will continue on its current course if the scenario on these aspects does not change.

Prior to the April sale of Otherdeed land by YUGA labs, the price of Apecoin followed a parabolic trend. Since then, however, the coin has been in a steep decline, falling more than 80 percent from its all-time high of $26.7.

Featured image from CoinChapter, chart from TradingView.com

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ApeCoin Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch

ApeCoin (APE), the native Ethereum currency of the famous NFT collection, is one of the fastest-growing NFT and Metaverse crypto projects in the blockchain ecosystem today.

Upon its March 18, 2022 launch, ApeCoin instantly began a parabolic climb. The rally’s apex allowed Apecoin’s market capitalization to reach $7.45 billion.

The APE token was valued at $4.92 at the time of writing, down marginally from its morning high of $5.26. In the past week, ApeCoin has increased by more than 35%.

As of Friday, intraday trading volume for APE has plummeted by 43%. This indicates that APE is receiving peer selling pressure and is approaching the consolidation phase’s bottom trendline. The volume to market cap ratio of the coin is 0.3129.

Suggested Reading – Uniswap Slingshots 45% – Can UNI Blaze Past Its 7-Day Rally?

ApeCoin Getting Some Lift From Rappers

The price of ApeCoin reached an all-time high of over $27 in late April ahead of virtual land NFT sales for the Bored Ape Yacht Club’s Otherside metaverse game.

ApeCoin holders can vote on ApeCoin DAO governance proposals using ApeCoin.

The recent price increase of APE may have been partially prompted by the release of a new music video featuring Snoop Dogg and Eminem as animated versions of their Bored Ape avatars.

In the music video for their new single “From The D 2 The LBC,” Snoop Dogg and Eminem get stoned and transform into animated versions of their BAYC avatars.

The song debuted at the conclusion of this year’s ApeFest, an annual New York event for BAYC NFT holders.

At the end of last year, Eminem purchased his Bored Ape for 123.45 ETH (USD $452,000). His OpenSea account, Shady Holdings, displays 26 additional NFT purchases.

APE total market cap at $1.47 billion on the daily chart | Source: TradingView.com
Snoop Dogg & Eminem Video Fly High

Snoop Dogg possesses numerous NFTs and has long been steeped in cryptoculture. He exposed himself to be the popular NFT Twitter user Cozomo di Medici a year ago. In February, he declared his intention to transform Death Row Records into an NFT label.

The duo’s music video, which was trending on YouTube over the weekend, has received more than 7.5 million views.

ApeFest, which occurred in New York the same week as NFT NYC, featured performances by, among others, Haim, LCD Soundsystem, Lil Wayne, Future, and Lil Baby.

Over the past 24 hours, the price of ApeCoin has climbed by 12.68 percent because of strong positive momentum.

Despite the fact that APE has produced its second consecutive green weekly candle on the price charts, it is still 82 percent below its all-time high reached in April 2022.

Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors

Featured image from SouthPawer, chart from TradingView.com

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Eminem And Snoop Dogg Team Up, The Video Features Bored Ape Yacht Club Imagery

Is the Bored Ape Yacht Club responsible for this collaboration? Hip hop legends and worldwide icons Snoop Dogg and Eminem join forces once again for the single “From The D 2 The LBC.” The video is basically a BAYC ad and the duo premiered the song at Apefest, the Bored Ape Yacht Club multi-day party that was part of the NFT.NYC conference. This is a huge win for the BAYC, at a time when the NFT collection lost 60% of its value in a flash.

The last time we saw this duo collaborate was on the track “Bitch Please II,” from Eminem’s 2000 outing The Marshall Mathers LP. Besides Snoop Dogg, that track features their mentor Dr. Dre, Xzibit, and the late Nate Dogg. After that, the legend says that Eminem’s camp denied a request for collaboration from Snoop and the pair never worked together again. Until now. Did the Bored Ape Yacht Club accomplish that?

Eminem And Snoop’s Bored Ape Yacht Club Story

It’s worth noting that both Eminem and Snoop Dogg come from Dr. Dre’s lineage, so a collaboration between both artists makes all the sense in the world. They are also both part of the Bored Ape Yacht Club. Approximately six months ago, Eminem paid $425K for a BAYC specimen inspired in him. At the time, NewsBTC reported:

“The NFT, named “EminApe,” depicts Eminem’s iconic Bored Ape figure wearing a khaki army cap and a gold chain necklace, both of which he frequently wears in real life. BAYC member GeeGazza sold the digital artwork for 123.45 ETH, which is around $450,000 USD. In November 2021, GeeGazza tweeted, “I still think Eminem is destined to buy my @BoredApeYC one day.”

Took too long to reconnect with @snoopdogg– you know we had to make a movie! https://t.co/087W2OZJOI #FromTheDToTheLBC #curtaincall2 @BoredApeYC pic.twitter.com/k443JqXHON

— Marshall Mathers (@Eminem) June 24, 2022

For his part, at approximately the same time, Snoop Dogg got a full set and announced “When I APE in I APE all the way in!!.” A full set, for those not in the know, consists of a Bored Ape, an M1 and an M2 Mutant, and a Bored Ape Kennel Club with similar characteristics. In Snoop’s case, those were a military helmet, leopard skin, and a pink and fluffy garment. At the time, NewsBTC reported on the story behind the purchase:

“It all came from a deleted tweet. What did it say? We wouldn’t know. However, NFT strategist Just1n.eth brought another rapper into the conversation. “He needs to link up with Waka Flocka to talk about the NFT collection that he should be looking into!” And Waka Flocka went straight to the BAYC. “Uncle Snoop you need a Ape mane!!! Join the yacht club.”

Eminem. Snoop. From the D 2 the LBC. Out now. https://t.co/fcZqaniRxQ pic.twitter.com/bmTpKNXtjq

— Snoop Dogg (@SnoopDogg) June 24, 2022

The Video, The Song, The Premiere

The psychedelic video mixes video of Em and Snoop in the studio with Bored Ape Yacht Club-inspired animation. It was directed by James Larese. They premiered it at Apefest, an all out party that featured performances by hip hop legends like Lil Wayne, Bun B, The Roots, Future, and of course Eminem and Snoop Dogg. 

The videos abound. Check this one out:

WORLD PREMIERE: Snoop & Eminem show their new song featuring at ApeFest @BoredApeYC @SnoopDogg pic.twitter.com/8lLVY9mRng

— cr0ss.eth @ NFT NYC (@cr0ssETH) June 24, 2022

And this one:

What the actual fuck? @SnoopDogg @Eminem @BoredApeYC #apefest pic.twitter.com/1KDZ5rxHGc

— Leonardo Viti (@leovitiart) June 24, 2022

The Bored Ape Yacht Club team will also sell merchandise related to the single, but no one knows what it actually looks like. “Snoop x Eminem merch drop pushed. We’ll tweet here with timing updates,” they announced through Twitter. 

APE price chart on Coinbase | Source: APE/USD on TradingView.com

This is not Snoop Dogg’s first musical collaboration with the Bored Ape Yacht Club. The rapper appeared in Colombian producer and singer Esther Anaya’s single “BAYC,” a dance music track that sounds like this:

Last but not least, NewsBTC has to point out that Eminem and Snoop appeared on stage together earlier in the year at Dr. Dre’s presentation at the Super Bowl Halftime Show. So, maybe the Bored Ape Yacht Club is responsible for this single, but the two artists probably had already squashed their beef.

Featured Image: Screenshot from the video | Charts by TradingView

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ApeCoin Shed $2.5 Billion From Its Market Cap In May – Investor Appetite Fading?

The month of May’s crypto market disaster did not fail to bring down along with it one of the “rising stars” in the crypto space, ApeCoin.

ApeCoin price has shown a robust performance in the face of the crippling crypto market crash. However, the bulls were still able to lift APE by about 50% higher from the coin’s low at $3.11.

As of this writing, APE was trading at $4.25, up 4.1% in the last seven days, and selling just below the newly established swing high at $4.35.

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ApeCoin Market Cap Down By Half

Thursday’s data from Coingecko indicates that ApeCoin is among the top 50 crypto assets by market capitalization, having closed May with a market value of around $1.27 billion.

As a result of the decline in the value of other digital currencies, this amount appears large, but it reflects a 56 percent decline from its market value. APE’s high trading volume of $3.37 billion as of May 1 translated to a market value in excess of $4.55 billion.

A high volume of liquidation by coin holders rose on May 1 and accelerated from May 9 to 13, contributing significantly to the decrease in APE’s market value.

Experts say this is because of the broader geopolitical and global climate, including uncertainties in the ongoing war in Ukraine, among other factors.

Factors Contributing To APE Price Decline

It’s not just in the crypto field that things are not looking bright. Living expenses are growing, interest rates are rising, a recession is approaching, and inflation is skyrocketing. The US S&P 500 is currently in a bear market, and stock markets are shaky as well.

APE total market cap at $1.27 billion on the daily chart | Source: TradingView.com

According to a number of market analysts, these are some of the causes chipping away at the value of APE.

On May 1, APE began at $20.02, achieved an intraday high of $20.04, dropped 21 percent to an intraday low of $15.69, and ended at $15.97.

As a result of losing more than one-fifth of its value on the first trading day of the month, APE was unable to recover and continued to fall throughout the rest of May, reaching new lows.

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APE began trading on May 1 at $20.02, achieved a monthly top of $20.04 on the same day, hit a monthly low of $5.25 on May 11, and finished the month at $6.76.

This represents a 66 percent decline between the opening and closing prices of APE in May.

Featured image from Gravitate.news, chart from TradingView.com

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Bored Ape Yacht Club Plunges By 60% Last Month

While Bored Ape Yacht Club appears to be unfazed for several months now in the face of the crypto crash, the month of May tells a different storyline.

Bored Ape Yacht Club, a blue-chip NFT, appeared to have dipped in value, as evidenced in May when NFTs dropped in average sales price. May has been a challenging month for NFTs and crypto alike. BAYC has managed to end it with a sour trading price of $152,658.

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BAYC Average Sales, Value Down 60%

Although BAYC sales are comparably higher than other NFTs like Otherdeed, Art Blocks, NBA Top Shot, and even Mutant Ape Yacht Club, BAYC values have crashed by 60% since May 1 with an average trading price of $382,894.

A hike in unique buyers increased from 475 to 591 in April, but the average sales have shed tremendously since.

Meanwhile, the APE token has lost 66% of its value from a May opening trading price of $20.02 to close at $6.76.

Source: Bored Ape Yacht Club Price Chart by Nomics
Why Own A Bored Ape Yacht Club

BAYC is an NFT collection owned by many celebrities and influencers like Stephen Curry, Eminem, Justin Bieber, and Shaquille O’Neal. It’s an overnight sensation that has also triggered high prices for the collection. Owning a BAYC is a status symbol that you belong to the elite circle.

To be relevant, it’s a must to own the most popular and royal NFT. It gives the owner that cool status, but the actual value of BAYC is exclusive membership access. It’s a digital club that provides member-only access and privileges such as the following:

  • Bathroom Access
  • Discord Access
  • Added NFTs
  • Access to ApeCoin

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Crypto total market cap at $1.26 trillion on the weekend chart | Source: TradingView.com

It’s BAYC that unlocks the potential of NFTs to enter the mainstream and be a part of the elite and more giant circle.

Bored Ape and other blue-chip and premiere NFTs have been in a depressive state and down by more than 50% last month. BAYC has been robust and unassailable for several months despite the crypto market retreat, but the values are sliding now.

One of the apparent reasons for the decline is that Ethereum has also been down by 33% for the month following the Luna and UST stablecoin crashes. OpenSea trading volume has also suffered and has plunged by 40% for the past month.

The decline in the BAYC value is also largely attributed to the massive crypto crash that resulted in the waning of investor interest in all things NFT.

Featured image from CoinLive, chart from TradingView.com

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LUNA Not Alone In Crimson: APE, AVAX, SOL, SHIB All Lose 20% In Crypto Crash

The crypto market has deep-dived to 11% in just 24 hours. It’s been in the hole or behind and most coins (led by LUNA) have been suffering major losses such as Avalanche, ApeCoin, Solana, and Shiba Inu, to name a few.

So, what’s happening here?

It’s like a ripple or domino effect that has hit one and is now derailing the rest of the cryptocurrencies. 

Not Just LUNA 

LUNA has lost 97% of its value following the major dip of UST stablecoin. The losses of other coins are not as massive as Terra but they have also suffered devastating double-digit losses over the 24-hour time frame.

Suggested Reading | Shiba Inu Vs. Dogecoin And LUNA: Which One Will Survive The Crypto Carnage?

Altcoins In The Red

Most altcoins are in the red at this time. It’s a major blow in the crypto space and people are trying to analyze their cards. Avalanche has plummeted to 34% or under $32 and it even crashed below $28 which is far worse than its slump in August 2021.

More so, Solana is now down by 26% which has further dropped to around $52 as of this writing. Luna is the cryptocurrency of Terra. Following the collapse of USDT or the dollar stablecoin, Luna also suffered a massive slump at 97% or below $1.

BTC total market cap at $550.71 billion on the daily chart | Source: TradingView.com

ADA of Cardano has also slid down by 16% or $0.56 displaying tremendous dips comparable to what transpired in February 2021. Additionally, Polkadot (DOT) has also crashed to around 24% over the past 24 hours, or about $9.

Other tokens and meme coins are also extra volatile and dipping today like Dogecoin which is down 23% or $0.087 and Shiba Inu, which has lost over 27% in the past 24 hours.

Meanwhile, ApeCoin is also falling rapidly and has scraped 37% off its market value over the past day with the current prevailing price at $5.90.  The price has now plunged to 85% compared to its winning streak of $39.40 following its launch in March of this year.

Trouble In Metaverse?

Even the metaverse is having trouble Decentraland and The Sandbox have plunged to 28% or $0.85 and 28% or $1.32, respectively. These metaverse gaming tokens were selling like hotcakes especially following Facebook’s switch to Meta but are now losing out on value.

The crypto market has slumped by 11% in a quick span of 24 hours led by the king of cryptocurrencies, Bitcoin which suffered a dip of 6% or a price below $29,900. Meanwhile, Ethereum is also down to 8% or $2,180.

Suggested Reading | Bitcoin Price Crashes Below $30K As Markets Show Signs Of Paranoia

Featured image from Physics World, chart from TradingView.com

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APE Takes A Beating As It Sheds 50% Of Its Price

APE must cling tight, or else it falls and suffer a major “injury.”

Non-fungible tokens and the metaverse are no longer merely buzzwords in the cryptocurrency industry.

In 2021 alone, the market for NFTs was valued at $40 billion, a tremendous increase from the previous year. This market has continued to expand this year with the emergence of new NFT marketplaces.

We also observed a new coin — ApeCoin — causing a sector-wide ruckus in tandem with this expansion.

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ApeCoin still makes a lot of noise, despite suffering losses in the market. (DailyCoin)

ApeCoin is a recently-launched cryptocurrency on the Ethereum (ETH) network. The coin is the native cryptocurrency of the APE ecosystem, which consists of the ApeCoin DAO and all APE-based services and goods.

The developer of the renowned Bored Ape Yacht Club (BAYC) NFT collections, Yuga Labs, has selected APE as the principal token for all new products and services.

Despite being the newest cryptocurrency on the market as of April of this year, its market capitalization ranks 47th, at $3.445 billion.

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APE Drops Hard From ATH

APE reached an all-time high of $28 at the conclusion of April. But on May 2, 2022, just days after reaching its ATH, the token plunged and reached a low of $16.71.

Given the media attention that ApeCoin is already garnering, if the price continues to grow, this token might become one of the finest cryptocurrencies in 2022.

APE total market cap at $3.445 billion on the weekend chart | Source: TradingView.com

However, in contrast, APE’s price has dropped significantly during the past week, by approximately 50.42 percent.

APE’s daily trade volume has also reduced by double digits, falling by approximately 40 percent.

The price of APE is getting closer to its 24-hour low. It has a 24-hour high of $13.70 and a low of $12.28.

Losing Steam Vs. BTC And ETH

As of Sunday midday, the price of APE has declined versus Bitcoin (BTC) and Ethereum (ETH) by around 7.50 percent and 6.30 percent, respectively. APE is currently valued around 0.0003453 BTC and 0.004644 ETH.

There are a total of 1 billion APE tokens, and 15% of the token supply is allocated to NFT holders. In addition, about 48 percent of the total supply will be distributed to the DAO’s treasury over the course of 48 months.

The stock price of ApeCoin began on March 17 at $5 and increased by more than 250 percent within the first 48 hours of trade. After reaching $18, APE pulled back little and is now returning to re-evaluate this region.

Featured image NMK World, chart from TradingView.com

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Over 110,000 Traders Rekt As Crypto Market Sees $120B Shaved Off

The crypto market recently saw a downturn that caused $120 billion to be taken off the total market cap in the space of a day. This obviously had caused panic across the market, triggering sell-offs from investors who were trying to save themselves from more losses. However, more than 110k traders would record hundreds of millions of dollars in losses as the downtrend had caused a cascading liquidation event.

Traders Lose $430 Million

The crypto market has recorded one of the largest liquidation events of 2022. On Thursday, the price of bitcoin had fallen below $37,000 hot to the news of interest rates being increased by 50 basis points in the just concluded FOMC meeting. This would be the beginning of a long day for crypto traders who had seen their trades liquidated into the hundreds of millions of dollars.

Related Reading | Ethereum Exchange Inflows Decline As Sellers Cool Off, Will Price Follow?

Mainly, the liquidations were long liquidations from traders who had placed their bets on the optimistic future price of various cryptocurrencies. The market would continue to tumble and the liquidations would continue to leave ripples in the market. In total, there has been more than $430 million in liquidations in the last 24 hours alone.

Crypto liqudaitions surpass $430 million | Source: Coinglass

Naturally, bitcoin led the market with its liquidations. The pioneer cryptocurrency which is favored by traders for being the market leader saw traders liquidated to the tune of more than $200 million in the span of a day. Long liquidations made up about 70% although short traders were not left out of the onslaught. 

On the altcoin front, Ethereum led the pack with $69 million in liquidations. However, there were some other significant players in the space who had seen traders rekt beyond expectations.

GMT and APE, two coins that had been on the rise lately both saw more than $12 million dollars in liquidations respectively. Some might argue that they had seen the liquidations in APE coming due to the hype that had followed billionaire Elon Musk changing his Twitter profile picture to BAYC avatars.

Crypto market cap loses $120B | Source: Crypto Total Market Cap on TradingView.com

Nevertheless, it remains a sad day for the market. Sentiment has now fallen into the extreme fear territory leading to incredibly low momentum in the market. More notably is the fact that bitcoin now lies dangerously low on the $36,000-$38,000 support level.

Related Reading | Bitcoin Broke Above The Multi-Week Resistance; What’s Next

This point remains crucial for bulls to hold the digital asset above as a fall below $36,000 will likely set the digital asset on a path below $30,000. If this happens, bitcoin being a market leader will certainly pull the rest of the market down with it, which could see long liquidations of historical proportions rock the market. 

Featured image from Physics World, chart from TradingView.com

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Analysts Predict ApeCoin To Hit $50 By End Of 2025 – And $100 By 2030

As Bitcoin and Ethereum price remain bearish for the longest time now; barely hitting above $40,000 for BTC and not going over $3,000 for ETH, ApeCoin, on the other hand, is on fever-pitch with price prediction of up to $100 by 2030. 

And to think, the coin is just warming up.

Both Bitcoin and Ethreum have been struggling and are down by 20% since April. Meanwhile, it’s all rainbows and sunshine recently for ApeCoin, a coin connected to the Bored Ape Yacht Club NFT collection that is now dubbed as a $7-billion coin.

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Price Predictions

Now, cryptocurrency titans and experts recently announced a price prediction for ApeCoin as it skyrockets to 50% in a week’s time following its NFT sale.

Dimitrio Salampasis, a FinTech speaker and lecturer at Swinburne University of Technology, is very optimistic and bullish with ApeCoin. His current prediction is $45. However, he says ApeCoin will be worth $10 come 2030.

The ongoing rush or hype with NFTs greatly impact the coin’s performace. Salampasis feels that crypto is overhyped at some point and it would gradually lose its value over time when the hype dies down.

However, Salampasis believes that now is the best time to sell ApeCoin. However, some of his co-panelists think that it’s time to HODL APE. Still, a few percent say now is definitely the time to buy.

Finder Co-Founder Fred Schebesta gave his forecast as well. He said APE could be valued at $20 by end of 2022, go higher at $50 by end of 2025, and finally shoot up to $100 by 2030.

BTC total market cap at $738.16 billion on the daily chart | Source: TradingView.com
What’s APE?

ApeCoin is an Ethereum-based token of the Bored Ape Yacht Club (BAYC) NFT by Yuga Labs. They have over 10,000 unique digital bored ape art collections.

ApeCoin DAO is also managed by the Ape Foundation. Investors who buy the Bored Ape NFTs are also eligible to claim APE tokens at zero costs.

More so, investors can also resell them or even use them in their own product branding. ApeCoin has been soaring lately because unlike other cryptos, it has expanded to other markets like tapping on NFT and the metaverse.

The possibilities and potential of crypto, NFT, and the blockchain in general are so limitless that it’s impossible to make a general forecast or prediction yet.

APE – Shaking Grounds In The Metaverse

APE is the token of the future. It is specifically engineered to support community-led activities in the APE ecosystem. It’s a decentralized protocol that will ultimately define a thriving culture in the metaverse.

Doubters in the panelists say that APE’s surge is only based on hype while there are crypto gurus who believe that it is in for the long haul. 

Yuga Labs is now primed to be the blue chip in the NFT category especially after purchasing CryptoPunks.

With their ecosystem and community, ApeCoin is bound to shake grounds in the metaverse.

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Featured image from The VR Soldier, chart from TradingView.com