- 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.”
Francis said,
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.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?