- Primate-embossed memecoin ApeCoin jumps 5% to reclaim $515M market cap.
- APE’s road to recovery escalates with a 40% increase since hitting rock bottom.
- ApeCoin DAO recently shook hands with Animoca to launch the APE Accelerator.
ApeCoin DAO’s native memecurrency ApeCoin (APE) manages to stay ahead of the curve, even though the upcoming $22 million $APE token unlock this month could burden the popular memecoin. Hitting an all-time low on October 10, 2023, APE’s future prospects were overshadowed by reduced utility, as well as decreasing interest.
However, things have swiftly improved amid the news that Apecoin DAO struck a deal with the gaming giant Animoca Brands. The gaming heavyweight has opened doors for auspicious builders to develop their applications in the ApeCoin Accelerator. Powered by Forj, this initiative brought APE back from its knees to reclaim $1.13 on launch.
ApeCoin currently enjoys a boost of 40.64% since hitting its all-time low. At press time, ApeCoin DAO’s is priced at $1.40, with 4.20% gains in the last 24 hours. To grow bigger, most traders note that APE needs to hold above the neckline support at $1.30 after market correction to reclaim the $2 price range.
$22M APE Out of the Cage: What It Means for Investors
As the $22 million APE unlock beckons, it’s important to understand the diversification of the released funds. Last time, ApeCoin DAO released 40.60 million tokens, causing the APE price to crash to an all-time low. This time, the token unlock event will consist of 15.6 million APE coins, which converts to $22 million at the time of this publication.
Sponsored
On November 17th, 2023, 2.2M APE will be released to Yuga Labs founders, while 7.34M will go to the APE project treasury, 1.5M in total for developers and contributors, 278k to charity, and another 4.17 million to the Web3 giant Yuga Labs. With a total supply of one billion, ApeCoin still stands at a 44% locked rate, while November’s unlocking event represents 4.23% of the circulating supply.
On the Flipside
- ApeCoin DAO and the Web3 behemoth Yuga Labs have been restructuring since the non-fungible token (NFT) hype faded.
- Scheduled and pre-approved token unlock events don’t necessarily have an instantaneous effect on a cryptocurrency’s price.
Why This Matters
Finding utility for an alternative cryptocurrency is pivotal to sustaining long-term value.
Sponsored
Explore DailyCoin’s top crypto news:
Ripple Crowned Power Player in Georgia’s CBDC Venture
SafeMoon Vows to Keep Building Despite Damning Fraud Charges
