ApeCoin (APE) has continued its upward trend, gaining some additional bids around the $5.71 mark. APE, the market’s best performer, is currently trading at $5.71 and has a 9% upside. ApeCoin is an ERC-20 token, which means it is part of the Ethereum network and follows a set of rules.
APE is linked to the well-known non-fungible token (NFT) collection Bored Ape Yacht Club, which debuted in 2021 and is comprised of numerous APE NFTs, each with a unique dress and expression. Celebrities spent hundreds of thousands of dollars on some of these NFTs in 2021. One billion tokens were available at launch, but not all of them were purchased right away.
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ApeCoin Distributes 25 Million APE Tokens
The ApeCoin treasury distributed 25 million APE tokens to launch contributors, which included businesses and individuals who helped make this project a reality. Investors are concerned that the large number of new tokens being released will oversaturate the market, resulting in lower demand and a lower price.
— Early Minter (@EarlyMinter) September 17, 2022
ApeCoin experienced some heavy selling this week, but it has since recovered. ApeCoin’s price has risen as a result of the recovering cryptocurrency market and the weak US dollar. Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, showed some signs of life above the $19,000 mark. This was viewed as yet another significant factor that influenced ApeCoin prices positively.
Why is ApeCoin Gaining Traction Today?
ApeCoin, an Ethereum-based token created for the Bored Ape Yacht Club NFT ecosystem, was released in March to great acclaim (and hefty payouts for BAYC holders). During the weekend, the ApeCoin DAO treasury distributed 25 million APE tokens to “launch contributors.”
They are the “businesses and people who helped make this project a reality,” according to the website. The 25 million tokens are set to become available six months after ApeCoin’s March 17 debut.
Positive Crypto Market Sentiment
The increasing value of ApeCoin was also influenced by the improving cryptocurrency market and the falling value of the US dollar. The cryptocurrency market was successful in breaking its losing streak and attracting some modest bids on the day.
This occurred after Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, broke the $19,000 barrier. Ethereum, on the other hand, continued its bearish run after failing to cross the $1,400 mark on the day.
Other well-known altcoins, such as Litecoin (LTC), Ripple (XRP), and Dogecoin (DOGE), entered the green zone on Tuesday morning.
ApeCoin Price & Tokenomics
The current ApeCoin price is $5.71 with a $585 million 24-hour trading volume. On the previous day, ApeCoin increased by 8.98%. ApeCoin is now ranked 32 on the market, with a live market cap of $1.7 billion. There are 306,875,000 APE coins in circulation with a maximum supply of 1,000,000,000 APE coins.
On the technical front, the APE/USD pair is trading bullishly, with immediate support near $5.60. Above this level, the APE/USD pair could target the next resistance level of $6.45. A bearish breakout of the $5.60 level, on the other hand, could expose APE to the $4.95 level.
The RSI and MACD are diverging, with the MACD in a bearish zone and the RSI in a buying zone. The 50-day EMA is also pointing upward. Consider buying trades that are above 5.60 and vice versa.
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