ApeCoin is the governance token for the recently launched APE crypto ecosystem that now offers a host of features to its users. APE ecosystem focuses primarily on community development and incentivizing development work towards the metaverse. The ApeCoin will serve as a decentralized protocol layer for all the work undertaken by this community and drive the meta culture. Apart from these two terms, the foundation works to implement the decisions taken by its DAO, the Decentralized Autonomous Organization. DAO has become an essential element for creating a community-driven blockchain ecosystem underpinning its decision-making in a decentralized manner.
APE Foundation uses its ecosystem fund that is controlled by a multi-sig wallet to pay for the expenses as directed by the APE DAO. It also offers an infrastructure for ApeCoin holders to collaborate and idealize the governance processes. All ApeCoin holders are automatically inducted into the APE DAO membership. Since its launch on March 17, 2022, only 31% of the 1 billion coins were pushed into circulation, which will keep on increasing at regular intervals in the next 48 months.
At its core, Apecoin is an ERC-20 token that is secured by Ethereum’s proof of work protocol (POW). Despite its initial circulation, APE has jumped to the 37th position in terms of market capitalization with an overall circulation value of USD 14 billion. Still, the current market cap is limited to $4 billion. One can get their hands on APE coins from Binance, Houbi, Coinbase, KuCoin, and other swap exchanges.
ApeCoin Price Analysis
ApeCoin momentum is based on just one week of price action that offers limited insights on buyer sentiment and market potential from a technical point of view. The price sentiment over hourly charts signifies the strength and determination of buyers to get hold of the ApeCoin, as witnessed from the technical data. The dip to $9 from its peak of $16 on the second day of its launch showcases a renewed interest of buyers to participate in this community-focused decentralized development ecosystem. ApeCoin has moved up by more than 48% in just three days, which reflects consistent double-digit gains.
As prices move up, the sentiment eventually eases, but the momentum on ApeCoin remains bullish. One can surely invest in this ecosystem that focuses on futuristic technology community development. ApeCoin still has to release its holdings into the market, which indicates a pre-established pattern to tackle the market sentiment. This would not only work as a hedge but also allow for quick value gain.
On the other hand, RSI going overbought zones indicates a potential for profit booking if more tokens are not made readily available for the interested buyers. An RSI of 60 with a price between $20 should be ideal for investing in ApeCoin.