ApeCoin Performance Could Attract The Whales – How About The Bulls?

Christian Encila

2 years ago

3 mins read

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ApeCoin has recently made it to the top 10 in terms of trading volume from over 100 of the largest ETH whales as seen in the past 24 hours.

APE made it to the top 10 in terms of trading volume
ApeCoin’s MRV has been seeing sustained growth
APE price up by 1.46%

The Bored Ape Yacht Club isn’t running out of cards to play with the integration of a new staking rewards program that caught the attention of many ETH whales. The developments surrounding the BAYC token could be the main culprit for its recent popularity.

The buoyancy experienced with the increase in whale interest is just one of the many impressive developments happening for APE.

ApeCoin Bullish Technical Indicators

For one, ApeCoin’s MRV has been seeing sustained growth and doing tremendously well over the past month. With all of these positive indicators flashing, investors will see this as a bullish streak for APE.

Additionally, APE’s market capitalization has also surged from $1.46 billion to as much as $1.65 billion as of this writing.

According to CoinMarketCap, the APE price has skyrocketed by 1.46% or trading at $5.40 as of this writing.

However, APE’s trading volume has seen a massive reduction from 590.45 million to 141.08 million. ApeCoin also registered a drop in terms of activity which shows the limited wallet transactions.

Based on this scenario, the APE price could sink below the $5.135 key support line in the coming days. Moreover, the altcoin’s RSI at 39.64 and CMF at -0.03 also demonstrate a bearish movement.

Based on the APE chart, there really isn’t much traction noted since its launch in March. Notably, APE has plunged by as much as 80% from its ATH with NFT demand going down; the demand for APE also dwindled down.

There is really so much going on in the NFT market that is causing the sideways motion of ApeCoin.

BAYC Innovates With Rewards Staking Program

If there’s one thing really impressive about the BAYC, it is the creators who continuously reinvent themselves and innovate their brand to be more relevant to their target market. Its staking rewards program is one of its huge developments so far.

With a rewards staking program, the crypto is locked up for a certain period at which you’re not allowed to trade it but it generates passive income for you as the owner. By letting someone gain access to your crypto for a prescribed time, you earn rewards.

Staking rewards are extremely popular with investors because you gain more revenue by staking your altcoin especially if it’s relatively going up in value.

The sneak peeks of the ApeCoin rewards staking program were rolled out on September 3. Recently, on September 22, Apecoin revealed that the rewards staking program will go live on October 31.

APE total market cap at $1.65 billion on the daily chart | Source: TradingView.com

Featured image from MakeUseOf, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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