ApeCoin Sees Double-Digit Uptick Ahead of 15.6M APE Unlock

APE ricochets from all-time lows as ApeCoin DAO drops a bombshell for the Bored Ape community.

Bored Ape showing two fingers, his monkey angent is happy. Piggy bank safe in the back with APE coins, locked in a blockchain wall.
Created by Kornelija Poderskytė from DailyCoin
  • 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.

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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.