- Primate-encrusted memecoin ApeCoin (APE) reaches a 3-month high.
- ApeCoin DAO to launch ApeChain, a Layer-2 scaling solution for APE.
- The impending APE unlock is set to pour 4.23% of supply into the market.
ApeCoin (APE) is making waves in the crypto markets with 18% gains in the last 24 hours. Associated with the Bored Ape Yacht Club community, $APE plummeted to its lowest point on October 10, 2023, to trade at just $1.01.
However, the APE rally is supported by multiple heavy whales and new projects in talks like ApeChain, a Layer-2 scaling solution set to boost ApeCoin’s utility. This comes just a month after ApeCoin decentralized autonomous organization (DAO) struck a deal with Forj, a gaming heavyweight Animoca Brands subsidiary, to launch the ApeCoin Accelerator program.
APE Faces Frantic Moment Retesting Trendline
The primate-themed ApeCoin reached its three-month high of $1.77 on Sunday, 26, 2023, inking 10% daily gains to become one of the top gainers last weekend. Later, ApeCoin displayed resilience to witness a market correction to $1.58. At the time of publication, the #83 ranked APE is changing hands at $1.63, according to CoinGecko.
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According to professional crypto chart analysts, the upswing for APE will likely continue if it holds above the crucial support levels at $1.638. The sensitive barrier depicts many crypto investors breaking even at this price. However, key on-chain signals remain bullish despite the mild selling pressure – APE enjoys a 0.22% increase in concentration and a 9.50% uptick in holders ‘in the money.’
On the Flipside
- The looming cryptocurrency unlocking event on December 17, 2023, will release 15.6M APE.
- APE is currently worth $25.27 million & represents 4.23% of the total supply.
Why This Matters
ApeCoin had seen $37.13 million inflows into crypto exchanges last month, putting it among one of the most traded alternative cryptocurrencies, constantly trading on numerous major centralized exchanges.
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