ApeCoin is still securing a valuable spot within the cryptocurrency industry. And accumulating support from its enthusiasts remains critical for APE growth. Nevertheless, market players have resorted to the buy low to sell high approach since the token’s inception.
ApeCoin and Its Strength
The primary concern about this NFT token was investor disappearance. Meanwhile, ApeCoin investors were reducing losses as the altcoin maintained declining prices. Nevertheless, the plummeting APE value had most investors resorting to HODL as they hoped for future gains.
That has surged mid-term holder concentration within the marketplace besides their supply domination. This cohort now controls approximately 92.5% of APE coins, while near-term holders boast around 7.5% of the overall tokens.
Nevertheless, APE seemed to present something lucrative to the investors following the downturns as holders became active.
Only Upside for APE?
Upswings without a red candlestick supported by impressive inflows push APE highs as the meme token aims at reclaiming $27.7 ATH. Though the record high stays far from ApeCoin’s current price, the growth has allured its traders, leading to higher transactions within the past few days.
Surprisingly, though the investor appearance is vital for Ape in the long run, such swings won’t benefit the network. These ApeCoin holders should refrain from selling, but APE remains a volatile asset that requires consistent investor backing.
That’s also because the coin won’t receive such support from Bored Ape Yacht Club from July, following the worst sales within the NFT markets, with OpenSea recording $675 million. The sales have never been this low since July last year when NFTs fetched $328M only.
Therefore, the semblance of sustained APE investor presence will likely limit intense price fluctuation in ApeCoin during future price movements.
Meanwhile, the broad crypto market saw another bearish move within the past 24 hours, briefly plunging Bitcoin beneath $20K. While publishing this content, BTC traded weakly near $20,071, dropping 3.88% within the past day.
Moreover, the overall crypto market capitalization noted a 3.69% 24hr decline to $902.69 billion. Bulls need enormous volume to challenge the ongoing bearish waves.
Editorial credit: photo_gonzo / shutterstock.com
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