ApeCoin – Walking a Fine Line Between Bears and Bulls -Breaking
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ApeCoin – Walking a Fine Line Between Bears and Bulls- ApeCoin, (APE), was launched by the Bored Ape Yacht Club on March 17.
- In the past month, the token has been in many headlines – both good and bad.
- APE’s volatility is currently at its peak in April.
What’s ApeCoin (APE), and how can you get it?
ApeCoin, an Ethereum-based token that was launched March 17, is ApeCoin. The official token for the Bored Ape Yacht Club is APE (APE), which is also a reward for BAYC and MAYC holders. ApeCoin DAO is a decentralized autonomous organisation that created the token. It also manages its roadmap.
APE made headlines during its 24-hour launch when users claimed 109 million of its tokens – worth around $1.2 billion. Some holders of APE made thousands in a matter of days, making them worth around $1.2 billion.
ApeCoin DAO also has prominent crypto-community figures serving on its board. For example, Reddit Co-Founder Alexis Ohanian; and FTX’s Head of Ventures Fund Amy Wu.
According to Coingecko APE is trading at just above $11 and has experienced a 3.1% decline over the last two weeks. APE has an estimated market cap of more than $3B, and a daily trading volume exceeding $695K. APE has reached an All-Time High of $17.17 – 30% lower than the current price – one day after its launch.
APE News
Yuga Labs received $450M through a seed round, led by Andreessen Hoowitz (a16z). In addition to the news, Yuga Labs announced the trailer for its upcoming Metaverse called ‘Otherside’ powered by ApeCoin.
Snoop Dogg, Wiz Khalifa and Wiz Khalifa shared a collection of eight music tracks that were NFTs. They revolved around APE/BAYC on March 24. The release was titled “Ape Drops 03: An 8th” which was a collection minted through Manifold and included nearly 8,000 NFTs each. Only the APE token could be used to purchase music NFTs.
Scammers stole $1M via fake ApeCoin airdrops from verified Twitter accounts (NYSE:). APE owners have lost up to $500K in NFTs, with the help of other Twitter threads that show the hacking verified accounts.
The ApeCoin Discord was victim to a phishing scheme on April 1, which resulted in volatility in the token’s price. APE plunged by 8% in the wake of the hack. The official account needed to remind its users that they should not make any coins from the Discord.
The APE market performance
TradingView
This chart shows that APE trades within the Arnaud LEGOux Moving Average (ALMA), which can be considered a bullish indicator. APE also experienced a record-breaking growth rate, exceeding 1000% between March and April.
APE may break $15-$17 resistance if the trend continues. The result will be a path towards a bullish market price of $28. This all depends on the market’s behavior.
ApeCoin’s volatility is high at the moment. ApeCoin has experienced All-Time Highs, which have been a pleasant surprise to investors. However, it has declined from the current price level. The coin has received positive adoption, even with the support of influential musicians like Snoop Dogg. However, the phishing and scams have also damaged its image – deterring investors and lowering its price afterward.
Currently, APE’s shining hope is Yuga Labs’ Metaverse Otherside which will be powered by ApeCoin. Yuga Labs suggested that additional details on the Metaverse might be released in the April month.
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