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Why is Apecoin Price Rising Today?

Apecoin

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. 

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)?

Launch Date March 17, 2022
Founder Yuga Labs
Blockchain Protocol Ethereum
Native Token APE
Token Type ERC-20
Market Cap INR 167.32 billion
Circulating Supply 306,875,000 APE
Max Supply 1,000,000,000 APE
Consensus Method Proof-of-Work

Apecoin On-Chain Metrics

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

Apecoin

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

Apecoin Price
Source: Santiment

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

Apecoin Price

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

Will APE's price reach INR 1500 in August 2022?

APE price is strongly heading towards INR 700 and once claimed these levels may try hard to push beyond INR 1000, while INR1500 in August appears a little misty.

What is the current price, circulating supply & market cap of the APE token?

The current price of Apecoin is INR 545.24 with a market capitalization of INR 167.32 billion and a circulating supply of 306,875,000 APE.


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].

The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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