- ApeCoin is sitting at an important support level ahead of the next token unlock event.
- The developers will unlock tokens worth over $52 million on Tuesday.
ApeCoin price has risen in the past few days and is now hovering near the highest level since May 8 of this year. APE jumped by more than 9.30% from the lowest level this year. Still, it remains sharply below its highest point on record at almost $25.
ApeCoin token unlocks ahead
ApeCoin is a cryptocurrency token that was unveiled in 2022 by Yuga Labs, the team behind Bored Ape Yacht Club, the biggest Non-Fungible Token (NFT) collection in the world. The goal of the token was to have it used in the Bored Ape Yacht Club ecosystem.
APE was also used to reward holders of the BAYC NFTs. However, the coin’s popularity has waned in the past few months as the volume of BAYC traded has declined. Data compiled by CoinMarketCap shows that the overall volume of the token in the past 24 hours stands at over $58 million. This is a small amount considering that ApeCoin has a total market of over $1.2 billion. The volume was also the 46th in the industry.
The most important ApeCoin news is a token unlock event that is scheduled for Tuesday this week. This event will see tokens worth over $52 million released to the market. The token unlock will be equivalent to about 1.6% of all tokens in the ecosystem.
Data show that APE tokens worth over $1.89 billion are yet to be unlocked. If the vesting schedule goes on according to plans, the final unlock will happen in March 2026.
A key concern among investors is that ApeCoin tokenomics favor insiders. 470 million tokens were allocated to the treasury while Yuga Labs received 150 million tokens. A similar amount was allocated to the Airdrop. The other big ApeCoin holders are launch contributors and Yuga Labs founder.
Read more: how to buy ApeCoin.
ApeCoin price prediction
Turning to the daily chart, we see that the APE crypto price has been in a strong bearish trend in the past few days. Now, the token is sitting at an important support level, where it struggled to move below this month, November 2022, and June last year.
ApeCoin has moved below the 50-day exponential moving average while the Relative Strength Index (RSI) and the Stochastic Oscillator have moved slightly above the oversold level. Therefore, I suspect that the Apecoin crypto token will attempt to recover since it is at an important support level. A move below the support at $3.12 will signal that bears have prevailed, which will open the possibility of the token crashing below $3.
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