Since its launch last week, BAYC’s native ApeCoin [APE] has massively deflated in value. From $40 highs registered last week, the coin was down to a record low of $9.5 during the early hours of Monday.
However, at press time, the token was on the verge of breaking above its downtrend line on the 3-hour chart. Coinciding with the same was the token’s Simple Moving Average [SMA]. So, if APE manages to overcome the said hurdles, it would technically see itself tread on the higher highs path going forward.
Big bets being placed on BAYC’s token?
Amidst the novel hype, Ethereum HODLers have started betting big on this token. As per whale data aggregating platform WhaleStats, ApeCoin had made its way to the top-10 purchased tokens by the 1000 biggest Ethereum whales on Monday.
Nonetheless, a closer look at the stats indicated that the buy transactions were correspondingly accompanied by their sell counterparts. Over the past day, APE worth $48,857 was purchased, while APE worth $43,666 was sold by the ETH rich-list.
In effect, the net value of the transacted tokens reflected a mere value of $5,191.
Market participants’ indecisiveness was further reflected in the retraced reading of other metrics. Right from the transfer count and amount to the unique senders and receivers, the curves of all the indicators noted a free fall in the 18-19 March period. The same can be evidenced from the chart below.
Over the past day, however, the dip hasn’t been that drastic. The cumulative 21,715 transfers involved an amount worth 69.2 million APE. Parallelly, the unique number of receivers managed to overshadow the number of senders by 795.
So, if the sharpening continues over the next few hours, it could aid APE’s price in executing a trend reversal on the charts. On the other hand, if the metric curves and buy transactions dip down, APE would find it a challenge to maintain its double-digit valuation.
Ape garners mainstream appeal
Despite the wild pump and subsequent dump, Time Magazine announced on Sunday that it would start accepting ApeCoin payments for digital subscriptions in the coming weeks.
As such, Time Magazine was in the crypto headlines of late owing to its first-ever digital NFT magazine launch. The same featured Ethereum creator Vitalik Buterin on the cover.