Today, most altcoins followed the broader market’s lead and turned green. Others, such ApeCoin, rectified their massive gains from the day prior.
ApeCoin decreases in value in order to increase in value.
While APE was down 4.64 percent in the early hours of April 25, it recovered and rallied for the remainder of the day, resulting in a 15.13 percent gain. Soon after, the altcoin experienced an 8.61 percent drop, bringing the overall increase of the previous 24 hours to barely 7%.
However, aside from this one-day gain, APE has performed remarkably well as an investment vehicle this month. The altcoin has increased by 82.32 percent in just 20 days, from $10.65 to $19.3. It was trading at $17.65 at the time of publication.
The correction was deemed necessary because the market had become overheated as a result of APE’s steady appreciation. The red candles might also aid in the cooling down process.
The altcoin’s expanding adoption is the source of this constant bullishness. In fact, it has increased by 44% in just one month.
The number of ApeCoin transactions on the blockchain has risen from 298k to 360k, and this number is expected to continue to rise.
Every day, the network adds roughly 1102 new investors, which is impressive for a cryptocurrency that was only established a month ago.
Image : ApeCoin daily transactions | Source: Dune
On the other hand, since BAYC is not a random NFT collection, it is also frustrating. The collection has done over $1.53 billion in trades in the past with a floor price of 138 ETH ($414.3k). As a result, while a poor increase in APE is disappointing, a growth in this market is sufficient.
In fact, a steady and steady gain is what is gradually bringing more and more investors to the asset. APE holders started showing up in the last week or so, after some uncertainty earlier this month. The network was predicted to have around 14k active addresses at the time of publication.
Image : ApeCoin active addresses | Source: Dune
Out of APE’s 52k total holders, 14k constitute over 27% of the investors present and engaged on any given day. Compared to Bitcoin’s 2.4 percent, Ethereum’s 0.6 percent, and Cardano’s 0.37 percent, this is a far higher percentage of users.
This demonstrates that APE’s investors continue to back the company. This will be critical if the price is to rise above $20.
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