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Like most cryptocurrency currencies, ApeCoin’s (APE) price has risen after days of decline. APE is also awaiting a token unlocking event that could affect the token price.
Unlocking Event in APE
ApeCoin bears had a significant impact on the price of the token last week, causing it to drop by more than 19%. However, the tide has turned in favor of the token. According to CoinMarketCap, APE has seen an increase of more than 5% in just the last 24 hours. At the time of writing, the token is trading at $1.38 with a market value of over $507 million.
According to a post dated January 8, the network is awaiting the next set of unlocks that will release 15.6 million tokens worth over $22 million at the time of writing. However, this could be bad news for investors, as historically, APE has witnessed price drops after unlocking events.
On-Chain Data for APE
Despite the current bullish market, data from Coingecko shows that the floor price of BAYC continues to fall, which could indicate a similar trend for APE in the coming days. Additionally, according to Santiment data, confidence among cryptocurrency whales is decreasing.
This could be a result of the top addresses holding ApeCoin’s supply decreasing last week. Nevertheless, the market continues to buy APE, with supply on exchanges decreasing while off-exchange supply increases. Moreover, several market indicators are showing an upward trend for the token. APE’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) have recorded increases, which could suggest a continuation of the bullish trend at the time of writing. In conclusion, APE awaits an unlocking event that will release 15.6 million tokens worth over $22 million. However, historically, APE has experienced price drops following unlocking events.
