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

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

DailyCoinDailyCoin2023/11/27 22:03
By: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.

Apecoin Price Rebounds From All-Time Low
On October 9, the price of Apecoin plunged to an all-time low and narrowly avoided breaking below the $1 support level. However, the APE token has now increased by 40%, and as of November 24, the meme coin was trading at about $1.45
The…

— ahmadmaki (@a7mdani_90) November 26, 2023

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.’

🦧 $APE retesting the trendline here, let’s see if it holdz for an entry👀 $BTC $ETH #BAYC #YugaLabs #NFTs https://t.co/6tpr4ryRaa pic.twitter.com/HAp4LCTWzZ

— theCryptolusionist 🧙🏻 (@Cryptolusionist) November 27, 2023

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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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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