APEUSD Archives

17th April 2024

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

17th April 2024

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

ApeCoin

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

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.

ApeCoin

Featured image from Shutterstock, chart from TradingView.com

17th April 2024

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

ApeCoin

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

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.

ApeCoin

Featured image from Shutterstock, chart from TradingView.com

27th November 2023

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

15th October 2023

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

14th August 2023

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.”

21st September 2022

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.

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.

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