Altcoin
APE rises 5% in 24 hours, but fear of unlock looms large
Posted:
| Last updated: January 17th, 2024
Journalist
- APE was up by more than 5% in the last 24 hours.
- Historically, APE’s token unlocks have caused price drops.
Like most cryptos, the price of ApeCoin [APE] rose in the recent past after days of bearishness. At the same time, APE awaited its next batch of token unlocks, which could possibly influence the token’s price once again.
ApeCoin bears had a major influence on the token’s price last week, as its value plummeted by more than 19%. However, things turned in the token’s favor.
According to CoinMarketCap, APE was up by more than 5% in the last 24 hours alone. At the time of writing, the token was trading at $1.38 with a market capitalization of over $507 million.
ApeCoin is awaiting its next token unlock
As per a tweet by Token Unlocks on the 8th of January, the network was awaiting its next set of unlocks at press time, which would unlock 15.6 million tokens, worth over $22 million.
However, this could be bad news for investors, because, historically, APE has witnessed price drops after unlocks.
APE has more concerns to address
AMBCrypto’s look at Coingecko’s data revealed that despite the current bullish market, BAYC’s floor price continued to decline. Therefore, the possibility of APE following a similar trend in the coming days seemed likely.
Source: Coingecko
To better understand whether APE has other challenges to tackle, AMBCrypto took a look at Santiment’s data. Our analysis found that the whales were losing confidence in APE at press time.
How much are 1,10,100 APEs worth today?
This was evident from the fact that ApeCoin’s supply held by top addresses declined last week. Nonetheless, the broader market at large continued to buy APE as its Supply on Exchanges dropped, while its Supply outside of Exchanges increased.
Source: Santiment
However, a few market indicators also looked bullish on the token. APE’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) registered upticks, increasing the chances of a continued uptrend at press time.
Source: TradingView
