As the broader market flashed green, most altcoins followed suit today. Others, however, corrected their immense hikes from the day before, with ApeCoin being one of the latter.
ApeCoin goes down to go up
While in the early hours of 25 April, APE was down by 4.64%, it recovered and rallied throughout the rest of the day to mark a 15.13% hike. Soon, the altcoin registered a 8.61% drawdown, one which corrected the overall rally of the last 24 hours to just 7%.
Alas, beyond this one-day hike, APE has been performing exceptionally this month as an investment vehicle. Within the span of just 20 days, the altcoin shot up by 82.32%, from $10.65 to $19.3. At press time, it was trading at $17.65.
The correction seemed necessary since APE’s consistent appreciation has been overheating the market. And, the red candles can help in the cooldown.
ApeCoin Price action | Source: TradingView – AMBCrypto
This consistent bullishness is coming from the altcoin’s growing adoption. In fact, it has grown by 44% within a month. Transactions on-chain surrounding ApeCoin have increased from 298k to 360k and are only continuing to rise too.
The network is adding about 1102 investors every day, which is good enough for a cryptocurrency that was launched a little over a month ago.
ApeCoin daily transactions | Source: Dune – AMBCrypto
On the contrary, it is disappointing too since BAYC is no random NFT collection. With a floor price of 138 ETH ($414.3k), the collection has historically conducted more than $1.53 billion worth of trades. Ergo, a mediocre hike is disappointing in the case of APE, but a rise nonetheless in this market is good enough.
In fact, a slow and sustainable rise is also what is attracting more and more investors towards the asset gradually. After some apprehension earlier this month, APE holders began appearing over the last week or so. At press time, the network was expected to have about 14k active addresses.
ApeCoin active addresses | Source: Dune – AMBCrypto
14k holders out of APE’s 52k total holders represent almost 27% of the investors present and participating in a day. This is a much larger proportion of participation in comparison to Bitcoin’s 2.4%, Ethereum’s 0.6%, and Cardano’s 0.37%.
This shows that APE still has significant support from its investors. This will be crucial in pushing the price above $20.
