{"id":555460,"date":"2023-10-15T20:00:36","date_gmt":"2023-10-15T20:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=555460"},"modified":"2023-10-15T16:40:13","modified_gmt":"2023-10-15T16:40:13","slug":"apecoin-ape-set-for-upcoming-token-unlock-bearish-pressure-to-worsen","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/apecoin-ape\/apecoin-ape-set-for-upcoming-token-unlock-bearish-pressure-to-worsen\/","title":{"rendered":"ApeCoin (APE) Set For Upcoming Token Unlock, Bearish Pressure To Worsen?"},"content":{"rendered":"

ApeCoin (APE) will undergo a token unlock valued at $16.69 million. This development comes amidst the token\u2019s bearish price action, which has led to it losing half its market value in Q3 2023.\u00a0<\/span><\/p>\n

Related Reading: Apecoin Weakens Grip In Last 30 Days \u2013 Should Investors Get Worried?<\/a><\/div>\n

15.60 Million ApeCoin (APE) Set To Flood The Market Next Week<\/span><\/h2>\n

According to data from TokenUnlocks<\/a>, ApeCoin\u2019s next token unlock is set to occur on October 17, during which the ApeCoin DAO will release 15.60 million new APE tokens into circulation.\u00a0<\/span><\/p>\n

This will mark the tenth APE token unlock in 2023, as this event occurs on the seventeenth day of every month. Based on more information from TokenUnlocks, the newly released APE coins will be allocated to five major parties.\u00a0<\/span><\/p>\n

These include Yuga Labs and its founder, the ApeCoin DAO Treasury, charity, and the project\u2019s launch contributors, i.e., early investors in the token before its official launch. Upon release, tokens are expected to form 4.23% of APE\u2019s circulating supply.<\/span><\/p>\n

ApeCoin was launched in March 2022, with a maximum supply of 1 billion tokens, of which 54.25% are currently unlocked. However, only 367.59 million APE are part of the token\u2019s circulating supply.<\/span><\/p>\n

APE\u2019s Bearish Form To Continue?<\/span><\/h2>\n

Generally, token unlocks are usually accompanied by concerns of an incoming downward trend.\u00a0<\/span>This is because the sudden availability of large amounts of tokens may prompt some investors to sell and take profit, which puts downward pressure on the said token\u2019s price.<\/span><\/p>\n

As earlier stated, APE already finds itself stuck in a long bearish market. Although the token is only down by 2.79% in the last month, its overall performance in 2023 has been largely negative.<\/span><\/p>\n

Related Reading: Apecoin Weakens Grip In Last 30 Days \u2013 Should Investors Get Worried?<\/a><\/div>\n

According to data from CoinMarketCap<\/a>, APE has lost 70% of its value in 2023 compared to its market price as of January 1.\u00a0<\/span><\/p>\n

APE could soon record more losses with the token unlock set for next week. However, that may not be the case. Based on historical data, token unlocks do not always result in a price loss, as notably seen with Aptos in January,<\/a> in which the APT gained by 50% following its monthly token release.\u00a0<\/span><\/p>\n

Moreover, there have been some interesting developments surrounding ApeCoin in the last week. <\/span>On October 11, Polygon<\/a> co-founder Sandeep Narwal proposed<\/a> on the ApeCoin DAO the development of an exclusive layer 2 solution for ApeCoin, known as \u201cApeChain.\u201d<\/span><\/p>\n

Currently, APE is based on the Ethereum Network, and it functions as the governance asset of the APE ecosystem, which consists of NFT projects launched by Yuga Labs, such as the Bored Ape Yacht Club (BAYC).\u00a0<\/span><\/p>\n

However, creating ApeChain could enable Apecoin to achieve a higher level of scalability, which, in turn, could positively affect its adoption and market price.
\n<\/span><\/p>\n

APE trades at $1.06 when writing, with a 1.47% gain in the last day. Meanwhile, the token\u2019s daily volume is down by 16.96%, valued at $19.32 million.<\/span><\/p>\n

\"ApeCoin\"<\/p>\n

APE trading at $1.060 on the hourly chart | Source: APEUSDT chart on Tradingview.com<\/a><\/pre>\n
Featured image from Digicentralized, chart from Tradingview<\/div>\n","protected":false},"excerpt":{"rendered":"
ApeCoin (APE) will undergo a token unlock valued at $16.69 million. This development comes amidst the token\u2019s bearish price action, which has led to it losing half its market value in Q3 2023.\u00a0 Related Reading: Apecoin Weakens Grip In Last 30 Days \u2013 Should Investors Get Worried? 15.60 Million ApeCoin (APE) Set To Flood The Market Next Week According to data from TokenUnlocks, ApeCoin\u2019s next token unlock is set to occur on October 17, during which the ApeCoin DAO will release 15.60 million new APE tokens into circulation.\u00a0 This will mark the tenth APE token unlock in 2023, as this event occurs on the seventeenth day of every month. Based on more information from TokenUnlocks, the newly released APE coins will be allocated to five major parties.\u00a0 These include Yuga Labs and its founder, the ApeCoin DAO Treasury, charity, and the project\u2019s launch contributors, i.e., early investors in the token before its official launch. Upon release, tokens are expected to form 4.23% of APE\u2019s circulating supply. ApeCoin was launched in March 2022, with a maximum supply of 1 billion tokens, of which 54.25% are currently unlocked. However, only 367.59 million APE are part of the token\u2019s circulating supply. APE\u2019s Bearish Form To Continue? Generally, token unlocks are usually accompanied by concerns of an incoming downward trend.\u00a0This is because the sudden availability of large amounts of tokens may prompt some investors to sell and take profit, which puts downward pressure on the said token\u2019s price. As earlier stated, APE already finds itself stuck in a long bearish market. Although the token is only down by 2.79% in the last month, its overall performance in 2023 has been largely negative. Related Reading: Apecoin Weakens Grip In Last 30 Days \u2013 Should Investors Get Worried? According to data from CoinMarketCap, APE has lost 70% of its value in 2023 compared to its market price as of January 1.\u00a0 APE could soon record more losses with the token unlock set for next week. However, that may not be the case. Based on historical data, token unlocks do not always result in a price loss, as notably seen with Aptos in January, in which the APT gained by 50% following its monthly token release.\u00a0 Moreover, there have been some interesting developments surrounding ApeCoin in the last week. On October 11, Polygon co-founder Sandeep Narwal proposed on the ApeCoin DAO the development of an exclusive layer 2 solution for ApeCoin, known as \u201cApeChain.\u201d Currently, APE is based on the Ethereum Network, and it functions as the governance asset of the APE ecosystem, which consists of NFT projects launched by Yuga Labs, such as the Bored Ape Yacht Club (BAYC).\u00a0 However, creating ApeChain could enable Apecoin to achieve a higher level of scalability, which, in turn, could positively affect its adoption and market price. APE trades at $1.06 when writing, with a 1.47% gain in the last day. Meanwhile, the token\u2019s daily volume is down by 16.96%, valued at $19.32 million. APE trading at $1.060 on the hourly chart | Source: APEUSDT chart on Tradingview.com Featured image from Digicentralized, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":555462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[85925],"tags":[85879,89650,85709,86900,86417,343,87308],"class_list":["post-555460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apecoin-ape","tag-ape","tag-apechain","tag-apecoin","tag-apeusd","tag-apeusdt","tag-bearish-market","tag-token-unlock"],"acf":[],"yoast_head":"\nApeCoin (APE) Set For Upcoming Token Unlock, Bearish Pressure To Worsen?<\/title>\n<meta name=\"description\" content=\"ApeCoin (APE) is expected to soon undergo a token unlock amidst its token\u2019s bearish form, in which its lost half its market value in Q3 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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