- With tokens $54.41 million, in 10 days, Apecoin will host the biggest unlock of September.
- APE’s value has been steadily declining, with just 0.05% of all token holders making a profit at press time.
apecoins [APE] The price has fallen ahead of a major token unlocking event scheduled to take place on September 17th.
Realistic or not, here is the market cap of APE in BTC
Accordingly Token UnlockThe event will release 40.60 million APE tokens valued at an estimated $54.41 million 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 showed that the unlocked distribution included the release of 2.2 million APE to the founders of Yuga Labs, 277,000 APE to charities, 7.34 million APE to the project fund, 4.17 million to Yuga Labs, and a total of 23 million APE to start would include all contributors.
APE has a total inventory of 1 billion tokens, with 368.59 million in circulation at press time. This represented 37% of the total supply of the token.
The APEs are not doing very well
The price per APE is $1.33 as of this writing after declining 31% in value over the past month, according to data from CoinMarketCap.
Due to the significant positive correlation with the leading coin Bitcoin [BTC]Since the deleveraging event in BTC futures markets on Aug. 17, APE’s daily market has been overrun with bears.
According to the readings observed by the token’s Moving Average Convergence/Divergence (MACD) indicator, on the day of the liquidity surge, the MACD line crossed below the trend line and has remained in that position.
A downward intersection of the MACD with the trendline is often interpreted as a bearish signal as it signals the start of a new bear cycle.
Furthermore, the token’s stochastic RSI (StochRSI) has been trending down since August 17th. The Stochastic RSI indicator measures momentum and identifies overbought and oversold conditions in the market. With the %K line below 20 at press time, APE was oversold among day traders.
Likewise, the token’s Money Flow Index (MFI) trended down. This indicated that APE sales exceeded accumulation prior to the token unlock event.
Source: APE/USDT on Trading View
Participants in the token’s futures markets have taken an even more pessimistic approach. Accordingly coin jarSince July 25, APE’s funding rates on cryptocurrency exchanges have been mostly negative.
Source: Coinglass
How much are 1.10.100 APEs worth today?
Due to the bearish sentiment that has plagued the general market for the past few months, more and more traders are betting on a fall in the APE price.
Additionally, 99% of all APE holders were considered “out of money” (at a loss) at press time. As such, there appeared to be no incentive for new holders to keep the tokens released by the unlock event, bringing with it the possibility of further depreciation.
Source: IntoTheBlock
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