ApeCoin DAO Unlocked 25 Million APE Tokens For The Launch Contributors
The ApeCoin was launched in March amid community hype
APE added 25% in the past week
When ApeCoin APE/USD was launched with a lot of hype in March 2022, investors expected a lot. The token was launched to power the Bored Ape Yacht Club’s NFT ecosystem. APE attracted a real following, an aspect that gave BAYC a lot of popularity. Since then, the hype around ApeCoin and BAYC has disappeared. However, the ApeCoin DAO had a deal with its community, which could boost its token.
APE is up more than 15% in the past week. That happened after the Treasury unlocked 25 million APE tokens on September 17. The tokens were reserved for the project’s “launch contributors”.
There is another twist. The release of new tokens is expected to add bearish pressure to APE. That’s because it increases the supply of tokens, which are fixed at one billion. The recent post-release pump implies that investors had priced the token release. The release may therefore have rekindled the hype surrounding APE, driving the price up.
ApeCoin Meets Resistance Amid Weekly Gains
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Source – TradingView
Looking at the technical side, APE has encountered resistance at $6.0. The MACD indicator remains in the bullish zone. The token also reclaimed the 20-day and 50-day MA. By all accounts, APE is bullish amid improved sentiment after the token release.
We don’t think it is the right time to buy ApeCoin despite the latest gains. A $6.0 resistance zone is likely to send the token lower. Investors should watch the level around $5.1 for a possible reversal.