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Apecoin has been observing a decline in the overall active address and is trading near $1.27
Apecoin is a ERC-20 governance and utility token within the APE ecosystem. It allows users to participate in the Apecoin Dao ecosystem and decide how the fund should be used. Meanwhile,62% of all the digital assets were allocated to the Ecosystem fund for community driven initiatives. It also gives access to other parts of the ecosystem like events , games, services and many more. Meanwhile, Apecoin DAO members can also decide how the IP of the BAYC should be used in the future.
Apecoin has a supply of 1,000,000,000 and 60.49% of it is circulating in the market. The price of APE reached an all time high on MAR 2022 at $39.40. It is now down by 96% from its ATH and 27% up from its all time low.
A Look Into The APE Ecosystem
APE ecosystem has been observing a decline in the overall treasury from $13 Million to $7 million within a month’s period. The overall successful proposals presented on the network have also taken a dip of over 50%. Previously the ratio of total proposals to successful proposals was around 1 to 1.32 but this month it has reached to 2. It suggests that the community has rejected a great number of proposals this month.
Looking at the BAYC NFT it has a floor price of 17.61 ETH while its competitor cryptopunks has a floor price of 41.5 ETH. The ecosystem is seeing a great surge in the NFT interest. Many analysts are expecting a strong growth in the APE Dao ecosystem in the future.
Is APE Price Ready For $2 Jump?
Apecoin has a market cap of $781 Million and is ranked 99th as per the market cap. It has seen an overall decline in the volume of 13%. It is currently trading near the value of $1.31 and has gained over 4% in the intraday sessions.
APE has been trading in an upside parallel channel with a strong bullish candles forming on the daily chart.The digital asset is currently trading below the 50 and 100 EMA with a negative crossover in the past. Meanwhile, APE upside trend can see a halt near the value of $1.5. The support for token price can be observed near $1.
RSI of APE is near 41 with a small positive slope in it. The overall trend of RSI is bullish. Meanwhile, MACD of the digital asset suggests a weak upside trend.
Conclusion
Apecoin has been observing a decline in the overall daily active address. Meanwhile, it has also been losing its market cap in comparison to others. APE has been seeing a weak upside trend on the daily chart. Many analysts are expecting a strong growth in the future.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
