ApeCoin Climbs 21% In Last 7 Days As Sentiment Remains Bullish

Christian Encila

Last Updated: March 8, 2023 7:25 am

4 mins read

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Investors and traders of ApeCoin (APE) have been seeing some big gains since the start of 2023. With the crypto market experiencing a surge in prices, ApeCoin has been riding the bullish wave upwards showing gains on almost all timeframes.

ApeCoin is riding the bullish momentum, while Yuga Labs’ Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) remain some of the dominant collections available on the NFT market.

According to DappRadar, the two collections are first and second in terms of trade volume in the past month. However, with the recent Yuga Labs situation, will APE remain profitable to investors?

Yuga Labs Lawsuit And How It May Affect ApeCoin

Recent information about the lawsuit filed against Yuga Labs can affect APE’s ability to continue its bullishness.

According to news, a federal judge ruled that Greg Solano and Wylie Aronow, the co-founders of Yuga Labs which created BAYC and MAYC, must face deposition in the most recent escalation between the company and Ryder Ripps who launched a counterclaim along with co-defendant Jeremy Cahen.

The saga started back in June of 2022 when Yuga Labs filed a lawsuit against the artist, claiming that Ripps was scamming buyers of BAYC with supposed intentions of harming the company. Ryder has been a vocal critic of the Yuga Labs and BAYC, going as far as calling the community a brainwashed cult.

“bayc is not a brainwashed cult”

bayc: pic.twitter.com/zp0X9BL2SF

— RYDER RIPPS 🔜 (@ryder_ripps) June 17, 2022

One of the counterclaims was the alleged Neo-Nazi origins, an accusation that was denied by Yuga in June last year. However, Ripps and Co. will now have a chance to question the two co-founders in detail under the threat of perjury which may or may not fall in favor of Yuga Labs, affecting the company and APE in its astronomical rise.

Image: Twitter

Will ApeCoin Continue APE’ing Around?

As of writing, the token has been rejected on the $5 resistance range and has since started its downwards momentum. This might only be a short correction as APE rode the bullishness as the major cryptocurrencies rallied as well.

Crypto total market cap at $816 million on the daily chart | Chart: TradingView.com

However, as the Yuga Labs’ co-founders are subject to deposition, the sway of investor sentiment on APE might swing to the bears. Investors and traders must keep tabs of the sworn statement against the company co-founders as the results of this will impact the firm and its NFTs and token.

Short-term, the bears might win as the correction phase is in full swing. Investors and traders will find support at $4.2 which should sustain a further retesting of the resistance at $5. But for now, investors should HODL as we await the results of the proceedings against Yuga Labs.

-Featured image from The Guardian

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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.