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APE’s dominance hangs in the air despite BAYC’s popularity touching the sky

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LunarCrush, a popular social intelligence platform, recently tweeted that the Bored Ape Yacht Club (BAYC) topped the list of NFTs last week in terms of social mentions. This was positive news for the BAYC as it reflected a rise in popularity in the NFT community.

Furthermore, BAYC’s native cryptocurrency ApeCoin [APE] also witnessed a run in the right direction. Yuga Labs announced the launch of the ApeCoin staking platform and as per the official announcement, four staking pools have been made. 

However, though these developments looked promising, APE paid no heed. According to CoinMarketCap, at press time, APE registered negative 2.5% weekly gains and was trading at $5.14 with a market capitalization of over $1.57 billion.

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Here’s AMBCrypto’s Price Prediction for ApeCoin (APE) for 2023-24

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Are we done with the bad news here?

In addition to the developments given above, there was yet another development that may help APE with its next rally. WhaleStats, a Twitter handle that tracks whale activities, revealed that APE was in the list of the top 10 purchased tokens among the biggest 500 Ethereum whales in the last 24 hours.

However, a look at APE’s on-chain metrics painted a different picture, as most of them suggested a further drop in its price in the coming days.

APE’s Market Value to Realized Value (MVRV) Ratio registered a downtick, which was a red flag. APE’s network growth also followed a similar route and witnessed decline over the last few days.

Source: Santiment

Interestingly, despite BAYC being the most popular NFT, it witnessed a downfall as both total NFT trade count and NFT trade volume plummeted last week.

Source: Santiment

Nonetheless, Santiment’s data revealed that despite negative performance, APE’s volume increased considerably over the last few days. Moreover, APE’s social dominance also registered a hike in the previous week. 

Moving onto better prospects 

APE’s daily chart and several market indicators pointed out that APE was in a neutral position and the market could head in any direction in the next few days.

The Money Flow Index (MFI) registered an uptick and was slightly above the neutral mark. APE’s Chaikin Money FLow (CMF) also went up and was heading towards the neutral zone.

The Exponential Moving Average (EMA) Ribbon revealed that the bulls and the bears were having a tussle, the latter with a upper hand. Interestingly, the Relative Strength Index (RSI) was on the move below the neutral line and moved sideways at press time.

Source: TradingView

 

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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