- ApeCoin price is bleeding amidst wider crypto market crash, the NFT token posts 15.5% losses.
- Whale activity on ApeCoin’s network has increased, with million-dollar transactions crossing 100.
- Analysts predict a recovery in ApeCoin price as the NFT token prepares to begin its recovery.
ApeCoin has emerged as a leading NFT token with a high volume of whale transactions and on-chain activity. Analysts believe ApeCoin could recover from the recent slump and compete with leading Shiba-Inu-themed tokens.
ApeCoin price recovery could begin soon
ApeCoin has been a pioneering NFT token with a highly engaged community of Bored Ape Yacht Club holders. The NFT token witnessed a rise in whale transactions worth $1 million or higher on May 5, with the count exceeding 100.
Proponents equate the rise in large volume transactions with higher demand for ApeCoin. The first-ever native NFT collection recently hit an all-time high of $26.70. After hitting a new high, the APE price went through a pullback and was hit by a market-wide crypto bloodbath.
APE price has plummeted 15.5% overnight in response to the crypto market correction. Proponents believe rising concerns regarding inflation and recession have led to capital outflow from risk-based assets like Bitcoin, Ethereum and altcoins.
Dogecoin, the leading meme coin, has witnessed double-digit growth and rising utility among real-world businesses on the back of the community, ‘Doge-army’, and influencers like Elon Musk, that endorse DOGE. ApeCoin’s community consists of influencers that hold Bored Ape Yacht Club, one of the highest-grossing NFT collections.
ApeCoin has therefore found utility in the metaverse, like ‘Otherside’. With the rising utility, there has been a spike in volatility in APE prices. ‘Weighted sentiment’, an indicator of investors’ outlook on the NFT token, has fluctuated, hitting a high in March 2022.
ApeCoin Sentiment among holders
Analysts have evaluated the ApeCoin price chart and expect a recovery in APE. Keeger Francis, a Bitcoin and crypto specialist at Finder, said, ApeCoin’s price rally could be considered a “meme coin pump.”
ApeCoin looks a lot like DOGE and SHIB. So in the short term, there could be a large momentum trade leading to much higher prices. But in the long term, and after the hype has subsided, I think APE will decrease substantially in value.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Ripple holders' profit taking hits a 19-month high as XRP price shoots up by 42%
XRP price has performed beyond expectations and has marked a multi-month high, restoring confidence in its investors. These holders have also made the most of the situation and turned to sell, which could backfire on the price action soon.
Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off
Decentraland price (MANA) has identified critical support on day one of the Metaverse Fashion Week. The token is trading horizontally on the four-hour timeframe as bulls push to break above a descending trendline.
Ethereum devs confirm withdrawals to begin on April 12; Here's what to expect from ETH price
Ethereum is on the verge of bringing about one of the biggest upgrades to the blockchain since the Merge. The arrival of withdrawals has been anticipated for a long time now, however, it may not be as lucrative for Ethereum price as one might expect.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Market woes threaten bullish potential, XRP is undeterred
Bitcoin has reclaimed above $27,000, but increasing market volatility threatens the leg up. Ethereum faces critical resistance at $1,819 as investor sentiment suggests liquidity issues. Ripple reaches multi-month highs amid lawsuit-related optimism.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.