By
Bena Ilyas
April 24th, 2024
Besides the venture capital’s backing, ApeCoin has been offered a huge playground by Binance.
Major NFT player ApeCoin (APE) ecosystem is registering staggering on-chain activity. As of today, the APE token has 45,101 holders who have successfully made 358,222 transfers. The project has registered $3,631,031,311.80 in market capitalization. Nevertheless, the asset is 66.79 percent down from its ATH around $39.40, which was set on 17-03-2022.
Worth noting, the token has a 24-hour volume of $822 million, according to ethplorer.io. This is up 24.88 percent and 5.21 percent in the past 24 hours and 7 days.
Rumors are that ApeCoin (APE) token will be listed on leading trading platform Robinhood Markets Inc (NASDAQ: HOOD), following Shiba Inu’s recent listing.
Market analysts from Fxstreet now think the token is in treacherous waters, thereby warning the overzealous traders. Additionally, they think the ApeCoin price is in a make-or-break zone.
Nevertheless, the ApeCoin project has serious backing with notable financial investment.
Among them include crypto companies’ veterans like FTX, and other tech-related investors like social media platforms Reddit. Indeed, the project is well covered for future growth prospects.
“The Relative Strength Index has not displayed any sign of weakness for the uptrend, and there is a slight uptick in the volume profile,” Fxstreet analyst wrote.
The NFT market is making huge gains via the play-to-earn blockchain projects. Moreover, designers are now selling their products to the metaverse and GameFi projects.
ApeCoin (APE) and the Market Outlook
Besides the venture capital’s backing, ApeCoin has been offered a huge playground by Binance, a leading cryptocurrency exchange. Notably, on-chain data indicates Binance has 29,974,196.73262959 APE tokens, which are worth approximately $ 394,176,673.31.
In short, the exchange holds around 3 percent of the entire ApeCoin tokens in existence.
With all this limelight on the NFT project, ApeCoin is well-positioned to sustain during the ongoing crypto winter. A lot of fear has been noted in the crypto market in the past few months.
Furthermore, volatility has taken most crypto assets on a downward staircase. And, analysts are suggesting worse days are not over yet for the crypto market.
For instance, popular trader ED_NL, who has over 100k followers on Twitter, thinks Bitcoin is headed to $38k soon. Nevertheless, he warned that the asset may make false calls of a rising trend before an imminent capitulation.
According to market data provided by CoinGecko, ApeCoin (APE) price is up approximately 8.8 percent today. And the asset is trading at around $13.22 at the time of reporting.
The NFT project is ranked at position 40 by market capitalization.