APE Takes A Beating As It Sheds 50% Of Its Price

News BTC

APE must cling tight, or else it falls and suffer a major “injury.”

Non-fungible tokens and the metaverse are no longer merely buzzwords in the cryptocurrency industry.

In 2021 alone, the market for NFTs was valued at $40 billion, a tremendous increase from the previous year. This market has continued to expand this year with the emergence of new NFT marketplaces.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

We also observed a new coin — ApeCoin — causing a sector-wide ruckus in tandem with this expansion.

Suggested Reading | Moonbirds And Solana NFT Trading Volume Is On A Tear As Sales Rally 45%

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Get 110 USDT Futures Bonus for FREE!
ApeCoin still makes a lot of noise, despite suffering losses in the market. (DailyCoin)

ApeCoin is a recently-launched cryptocurrency on the Ethereum (ETH) network. The coin is the native cryptocurrency of the APE ecosystem, which consists of the ApeCoin DAO and all APE-based services and goods.

How To Get Free Crypto  

The developer of the renowned Bored Ape Yacht Club (BAYC) NFT collections, Yuga Labs, has selected APE as the principal token for all new products and services.

Despite being the newest cryptocurrency on the market as of April of this year, its market capitalization ranks 47th, at $3.445 billion.

Suggested Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over?

APE Drops Hard From ATH

APE reached an all-time high of $28 at the conclusion of April. But on May 2, 2022, just days after reaching its ATH, the token plunged and reached a low of $16.71.

Given the media attention that ApeCoin is already garnering, if the price continues to grow, this token might become one of the finest cryptocurrencies in 2022.

Coinbase Banner  

APE total market cap at $3.445 billion on the weekend chart | Source: TradingView.com

However, in contrast, APE’s price has dropped significantly during the past week, by approximately 50.42 percent.

APE’s daily trade volume has also reduced by double digits, falling by approximately 40 percent.

The price of APE is getting closer to its 24-hour low. It has a 24-hour high of $13.70 and a low of $12.28.

Losing Steam Vs. BTC And ETH

As of Sunday midday, the price of APE has declined versus Bitcoin (BTC) and Ethereum (ETH) by around 7.50 percent and 6.30 percent, respectively. APE is currently valued around 0.0003453 BTC and 0.004644 ETH.

There are a total of 1 billion APE tokens, and 15% of the token supply is allocated to NFT holders. In addition, about 48 percent of the total supply will be distributed to the DAO’s treasury over the course of 48 months.

FreeBitcoin Banner  

The stock price of ApeCoin began on March 17 at $5 and increased by more than 250 percent within the first 48 hours of trade. After reaching $18, APE pulled back little and is now returning to re-evaluate this region.

Featured image NMK World, chart from TradingView.com

Go to Source
Author: Jet Encila


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.