ApeCoin (APE) Shows Signs Of Recovery, But Mini-Rally Could Be Short-Lived

ApeCoin has had a long and complex history. When it was first released on March 17, it was immediately put to the test by the same market forces that were responsible for the general crypto market's slump.

Timeline of Apecoin-ape

During the European session, the ApeCoin is trading sharply bullish, having surged nearly 17% in the last 24 hours. APE is the native coin of the ApeCoin decentralized autonomous organization (DAO), a community-driven initiative created to guide the expansion and development of the Bored Ape ecosystem. 

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. ApeCoin's [APE] knockdown from its early August two-month high found a solid rebounding ground at the $4.2 baseline.

The V-Top reversal from the $5.7 resistance plummeted the Apecoin price below the $5 support. The altcoin is currently in a retest phase, and the post-retest fall may pull the prices to $4.42 support.

The treasury of the ApeCoin DAO is anticipated to release 25 million ApeCoin (CRYPTO: APE) tokens for "launch contributors" on Saturday, which according to the ApeCoin website are "companies and people that helped make this project a reality." Tokens will be allocated to BAYC/MAYC members via the claim page, with approximately $115 million worth of tokens entering the market at the current token price of $4.61, this will increase the number of tokens in circulation by around 8%.

ApeCoin Community members are voting on several proposals to improve the token's utility as its first token unlock nears. The post ApeCoin (APE) Community Votes on Marketplace Proposal as Token Unlock Nears appeared first on BeInCrypto.

ApeCoin (APE), the Bored Ape Yacht Club token, has been rallying over the past week with gains registering at a peak of 4.3% and trading at the $5.12 level. APE shows energy, rallies 4.3% in the past seven days Coin impacted by general crypto slump US inflation also weighing down on crypto price APE is a busy bee and apparently, the recent uptick enjoyed by APE is said to have been ushered by current projects or developments in the network.

The ApeCoin [APE] Decentralized Autonomous Organization (DAO) has taken steps towards providing an APE-powered NFT marketplace. At press time, it was observed that voting had begun proper on all proposals submitted earlier.

Over the weekend, 25 million APE tokens will be released to launch contributors. This will be representing nearly 8% of the circulating supply. This will expectedly be adding up to the selling pressure, as guesses are being made if the launch contributors will sell off their tokens once released.

The ApeCoin community has three proposals up for voting to have a separate NFT marketplace for Apes powered by ApeCoin (APE). NFT marketplace Magic Eden earlier proposed to build the ApeCoinDAO marketplace for the ApeCoin community to slash transaction fees, increase user experience, and increase APE utility.

There is a lot of optimism surrounding cryptocurrencies at the moment, with many analysts starting to believe the ‘crypto winter' is ending. There has been a general uptick in the markets, with tokens like ApeCoin (APE) and Solana (SOL) seeing notable rises.