Why is Apecoin Price Rising Today?

Key Takeaways

• Apecoin price closed the previous day’s trade at INR 513.64 with a market capitalization of INR 148.51 billion and a circulating supply of 306,875,000 APE 
• The APE price after a prolonged consolidation, quickly jumped in action gaining more than 50% and display a huge tendency to jump another 30% soon

Why is APECoin Price Going Up?

Illicit Attack Warnings Just Before the Surge 

The creator of the Bored Ape Yacht Club (BAYC) Yuga labs previously cautioned the crypto space about a probable hack on the NFT community. 

Our security team has been tracking a persistent threat group that targets the NFT community. We believe that they may soon be launching a coordinated attack targeting multiple communities via compromised social media accounts. Please be vigilant and stay safe.

— Yuga Labs (@yugalabs) July 18, 2022

A similar warning was let out by the pseudonymous co-founder of Yuga Labs, Gordon Goner.

Coin Cloud Integrates Apecoin Buying & Selling

Coin Cloud offers the fastest and safest way to buy & sell cryptos including Bitcoin, Ethereum, Dogecoin and 40+ other digital currencies through BTC ATMs & Digital Currency Machines(DCMs) across US & Brazil. In a recent announcement, APE was integrated along with NANO, SUSHI, ALGO, MATIC & OMG.

Increase in Whale Activity

According to WhaleSats, which tracks the movements of the top Ethereum whales, registers an increase in trading of APE among the top 100 whales.  

Eminem’s Music Video Featuring BAYC Ambassadors

Popular rapper Enimeum released a video song along with BYAC members which trended for more than a week. This is expected to have given a strong boost to the APE price which surged 22% overnight. 

APECOIN Price Aims at a Parabolic Recovery

Source: Tradingview

• APE price after the recent free fall appears to have ignited a strong recovery phase, heading strongly towards the immediate target at INR 700
• After reaching these levels, the asset may experience a slight pullback, that may appear much similar to a cup & handle pattern
• Therefore, as the asset regain the levels around INR 700 it may be around the neckline of the pattern, primed to breakout towards north aiming to achieve a 4-digit figure soon

Additional Read: Apecoin Price Prediction 2022

What is Apecoin(APE)?

Apecoin On-Chain Metrics

• Supply Held by top addresses are Surging from past 30 to 45 days.

Source: Santiment

• The MVRV ratio has dropped below the average levels indicating that the APE price is now heavily undervalued and due for a rebound

Source: Santiment

• Total NFT trades count has spiked high with nearly 100 trades worth more than 6.88 million, a couple of days before

Source: Santiment

Apecoin Price Prediction: Will APE Reach INR 2000 Again?

Apecoin price ever since smashed the highest levels just above INR 2000 before the market collapsed in May, is swinging within a deep bearish channel. The prices no doubt held above the extreme lower support and ignited a notable upswing since then. The asset is now heading strongly toward the immediate resistance close to INR 700, completing the parabolic recovery. 

The APE price in the coming days may maintain a strong upswing to achieve these levels and quickly may drop as a result of rejection. The bears may drag the price that may induce a catapult action towards the higher highs. Therefore, the price may achieve INR 1000 in the upcoming days and eventually test INR 2000 by the end of 2022.

Additional Read: Total Crypto Market Cap above $1 Trillion

Is APE Price A Good Investment Now?

The APE price due to multiple reasons had surged previously and hence is expected to keep up the bullish momentum ahead. The prices may be elevated as the bulls are expected to keep up the dominance for a long time. Therefore, investing in APE price may be a good option at the moment. 

FAQs

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

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