Journalist
Posted:
- With tokens worth $54.41 million, in ten days Apecoin will host September’s largest unlock.
- The value of APE has steadily declined, with only 0.05% of all token holders making a profit at the time of writing.
from Apecoin [APE] The price has dropped ahead of a major token unlocking event set to take place on September 17.
Realistic or not, here is APE’s market cap in BTC terms
According to Unlock tokenDuring the event, 40.60 million APE tokens, worth an estimated $54.41 million, will be released to the ecosystem. However, there were concerns that this influx could flood the market and further lower the value of the metaverse token.
Information from the data provider revealed that the unlock distribution would include the release of 2.2 million APE to Yuga Labs founders, 277,000 APE to charities, 7.34 million APE to project treasury, 4.17 million to Yuga Labs and a total of 23 million APE to all. launch contributors.
APE has a total supply of 1 billion tokens, of which 368.59 million were in circulation at the time of writing. This represented 37% of the token’s total supply.
The APEs don’t feel very good
The price per APE was set at $1.33 at the time of writing, after falling 31% in value over the past month, according to data from CurrencyMarketCap.
Due to the significant positive correlation shared with the leading coin Bitcoin [BTC]Since the Aug. 17 BTC futures market deleveraging, APE’s daily market has been overrun by bears.
According to readings from the token’s Moving Average Convergence/Divergence (MACD) indicator, the MACD line dipped below the trendline on the day of the liquidity flush and has remained that way.
A downward intersection of the MACD with the trendline is often interpreted as a bearish signal, as it signifies the start of a new bear cycle.
In addition, the token’s Stochastic RSI (StochRSI) has been on a downward trend since August 17. The stochastic RSI indicator measures momentum and identifies overbought and oversold conditions in the market. With the %K line below 20 at the time of writing, APE was oversold among daily traders.
Similarly, the token’s Money Flow Index (MFI) has been on a downward trend. This indicated that the APE sell-off exceeded accumulation prior to the token unlock.
Source: APE/USDT on Trading View
Participants in the token’s futures markets have taken an even more bearish approach. According to Mint glassAPE’s funding rates on the cryptocurrency exchanges have been mostly negative since July 25.
Source: Coinglass
How much are 1.10.100 APEs worth today?
Due to the bearish sentiment that has plagued the overall market in recent months, more and more traders are betting that the price of APE will drop.
In addition, at the time of writing, it was believed that 99% of all APE holders are ‘running out of money’ (going at a loss). Thus, new holders seemed to have no incentive to hold onto the tokens released through the unlock event, raising the possibility of a further drop in value.
Source: IntoTheBlock