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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

Posted on

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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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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November To Witness Over $450M In Token Unlocks: Aptos And Avalanche Take The Lead

The crypto market is set to experience significant token unlocks in November, with projects such as Aptos (APT), Avalanche (AVAX), and Hashflow (HFT) leading the way.

These unlocks are anticipated to release more than $320 million worth of tokens, contributing to the overall $450 million set to enter circulating supplies in the crypto market this month.

It is worth noting that such substantial releases could have immediate and long-term effects on both the price and availability of these digital assets.

Aptos And Top Players In November’s Token Release

Token unlocks are events where previously locked tokens become available for trading, often increasing a project’s circulating supply. These events are critical moments for projects, as they can signal maturation and a new phase of market dynamics. 

Aptos, a Layer 1 blockchain created by former Meta executives, is expected to have the most significant token unlock by value, releasing 24.8 million APT tokens, currently representing about $165.6 million at today’s price.

Aptos’s upcoming unlock on November 12 is not just substantial in value but also notable for its distribution, with core contributors, investors, the community, and the Aptos Foundation all set to receive portions of the release.

Meanwhile, Avalanche, another Layer 1 blockchain, is preparing for its considerable token unlock later in the month on November 24, which will see 9.54 million AVAX tokens (valued at approximately $99.3 million at today’s price) released, marking 2.7% of its circulating supply.

Hashflow, a multi-chain decentralized exchange, is slated to have the largest token release by circulating supply percentage. It is poised to unlock 160.38 million HFT tokens, approximately 73.9% of its circulating supply, on November 7, injecting roughly $42 million into the market.

The distribution of these tokens will span early investors, ecosystem development, the core team, and community rewards, adding another layer to the economic activities of the project.

Other Notable November Token Unlocks

Other projects like Optimism (OP), ApeCoin (APE), and Sui (SUI) are also scheduled for significant token unlocks this November. However, they pale in comparison to the top three in terms of value. Optimism is set to unlock 24.16 million OP tokens worth $32.4 million.

Apecoin (APE) is poised for an unlock of 15.60 million APE tokens worth $19.5 million, and SUI is to unlock 34.62 million tokens valued at $14.6 million at today’s market prices.

Each unlock carries potential implications for the broader crypto market, as they may affect liquidity, trading volume, and investor sentiment. Furthermore, out of these six tokens above set to unlock this month, Aptos and Avalanche are the top gainers.

Aptos (APT) price chart from TradingView

Currently, both assets are up 38% and 22%, respectively, in the past 14 days. APT trades at $6.82, down by 2% over the past 24 hours, while AVAX trades at $11.02, down by 2.7% over the same period, at the time of writing.

Featured image from Unspkash, Chart from TradingView

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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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The ApeCoin Quandary: Why Additional Losses Could Persist

ApeCoin (APE) finds itself grappling with a tumultuous period as on-chain metrics present a mixed picture while price charts continue to reflect the dominance of bearish sentiment.

In recent weeks, ApeCoin has encountered a series of conflicting signals from its on-chain metrics. While such metrics are typically regarded as essential indicators of a cryptocurrency’s health, they have failed to provide a clear consensus on APE’s trajectory. 

Despite this ambiguity, one undeniable fact remains – bears are firmly in control of ApeCoin’s price movements.

ApeCoin Price Plunge Persists Despite Short-Lived Rebounds

Mid-August witnessed ApeCoin’s value tumble from a relatively promising $2.216 to a worrisome $1.66. Market observers and analysts swiftly responded by plotting a comprehensive set of Fibonacci retracement and extension levels based on this steep decline.

Unfortunately, the downward pressure experienced by APE over the subsequent two weeks has prevented any semblance of recovery, pushing its value even lower than the initial drop to $1.66.

As of the latest data, ApeCoin’s price currently hovers at $1.48 according to CoinGecko, reflecting a 0.7% decline over the past 24 hours. This downtrend is further underscored by a 0.8% slump observed over the course of the past seven days. Despite such precarious circumstances, analysts are identifying potential bright spots within the gloomy horizon.

ApeCoin (APE) has experienced two significant collapses, paralleling the decline of other altcoins in the cryptocurrency market. After dropping below the support level of $1.72 last week, APE has not managed to rebound.

Despite efforts by APE proponents to push for an increase, they have been stymied by adverse market conditions. There’s a prevailing belief among experts that the ongoing bearish trend in the market could continue to negatively impact ApeCoin, potentially leading its price to plummet to $1.

Investor Exodus Fuels ApeCoin’s Woes

In tandem with the persistent decline in ApeCoin’s value, a separate report underscores the alarming exodus of investors, particularly those with significant holdings, colloquially known as whales. Faced with a lack of profit opportunities within the APE ecosystem, these whales have sought more promising investment avenues elsewhere.

This mass departure has undoubtedly contributed to the accelerated downward spiral of ApeCoin. Consequently, as the coin grapples with mounting challenges, questions are raised about its near-term viability.

ApeCoin’s journey in recent times has been characterized by a tug-of-war between uncertain on-chain metrics and the unmistakable dominance of bearish price charts. While the crypto community holds onto hope for potential rallies in the future,

APE’s immediate prospects remain under intense scrutiny. As the market eagerly watches, the fate of ApeCoin hangs in the balance, teetering between revival and irrelevance.

(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 iStock

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Apecoin Weakens Grip In Last 30 Days – Should Investors Get Worried?

Apecoin (APE) finds itself in turbulent waters as the once-promising gaming token experiences a precipitous decline, marking a 30% drop in the last 30 days, despite the efforts of bullish investors to shore up its value,

APE has plummeted well below the $1.70 support level, raising concerns of a potential free-fall that could see its value revisit the abyss of $1. Currently trading at $1.41, according to CoinGecko, APE has faced a 6% decline in the past 24 hours and a 7.2% loss over the last seven days. 

This pivot may be contingent on Bitcoin’s performance, particularly its ability to reclaim the price range between $28,000 and $30,000 in the long term.

Challenges Ahead: Bearish Momentum Grips Apecoin

Without a swift change in sentiment, Apecoin holders might find themselves trapped in a downward spiral with no visible bottom. The Relative Strength Index (RSI), a key indicator of market momentum, recently attempted a reversal but was quickly thwarted, driving the index back into the oversold zone. This retreat underscored the persistent selling pressure that has hindered APE’s attempts at a price recovery.

Since April 2023, the market has been dominated by bears, as each attempt by buyers to establish a support level has been met with subsequent losses. The sustained downward pressure has curtailed any bullish initiatives, leaving APE’s future uncertain.

Whale Activity Raises Questions Amid Bleak Outlook

Amid the prevailing bearish sentiment, a notable development has emerged in the Apecoin (APE) ecosystem. A report citing data from LookOnChain reveals substantial activity from a significant APE whale, Machi Big Brother, starting from August.

The whale, making purchases totaling 1.51 million APE tokens, equivalent to a staggering $3.09 million, executed these transactions on Binance.

Machi Big Brother’s substantial investments might indicate confidence in Apecoin’s future prospects. However, the larger sentiment surrounding APE tells a different story. As of August 17, prevailing sentiment remains bearish, with analysts projecting a potential decline in APE’s value to $1.36 by September.

Meanwhile, Santiment’s data revealed an interesting statistic. Apecoin investors have suffered significant losses, with the Market Value to Realized Value (MVRV) ratio falling by -15.90% and -25.49% for monthly and quarterly holders, respectively.

Apecoin finds itself at a critical juncture, grappling with intense bearish pressures that have led to a significant erosion of its value. As market sentiment remains uncertain, all eyes are on both Bitcoin’s performance and APE’s ability to shake off the shackles of bear dominance and regain its foothold in the volatile cryptocurrency landscape.

(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 UnSplash

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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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Azuki Is Rebuilding After Its Elementals Mint Mishap

Azuki’s latest expansion of its NFT ecosystem missed the mark, while Candy Digital and Palm NFT are merging together to create a superpowered NFT production studio. Also, Warner Music Group and Polygon are launching a blockchain music accelerator program.