Arslan Butt
Ape price prediction is bullish, particularly above the major support level of $0.3090. An upward trendline extends from this support level, and Apecoin has risen 15% in the last 24 hours to $3.76. In a recent update, ApeCoin detailed the schedule for users to begin staking their ApeCoins.
The launch could increase interest in the alternative cryptocurrency APE, which could benefit its price.
ApeCoin Geo-Blocks Users From Staking
According to a statement released by the company on Wednesday, ApeCoin, an ERC-20 metaverse token issued by Yuga Labs, will be unavailable for staking by North American crypto users.
The ApeCoin DAO justified its selective geo-blocking of the service in many countries, including Canada and the United States, by citing the “current regulatory landscape.”
However, the tweet below claims that APE staking will launch on December 12. The token’s popularity may continue to rise in the days leading up to this date.
GM $APE fam,
We want to remind the community that one of the benefits of decentralized finance is that anybody can interact with a smart contract, or develop clients and interfaces that allow users to interact with smart contracts. https://t.co/qqZX0D5tgE
— ApeCoin (@apecoin) November 24, 2022
For instance, ApeCoin expanded in some respects, such as the social realm. As reported by LunarCrush, a social media analytics company, ApeCoin’s social engagements grew by 42.4% last week.
The announcement led to an increase in interest for the decentralized autonomous organization. According to LunarCrush, a social media analytics firm, ApeCoin’s social volume recorded an almost 300% spike, with social engagements increasing by 42.4% over the past week.
— mayhem247ai.wallet (@Mayhem247Ai) November 25, 2022
Social volume for ApeCoin increased alongside its engagement rate, as shown by data from Santiment. But despite ApeCoin’s popularity on the social network, its sentiment score kept falling. At
the time of writing, the crypto community as a whole seems to be more negative than positive towards ApeCoin, as measured by a decreasing weighted sentiment.
Nearly $1M for two Bored Ape NFTs
Despite the crypto cold, a few Bored Apes still command high prices. On November 23, an NFT from Yuga Labs’s most popular Bored Ape Yacht Club (BAYC) collection went for 800 Ether ETH tickers, down $1,213, or about $950,000.
According to their OpenSea profile, BAYC #232 was purchased by the alias “Keungz,” a collector of Yuga Labs NFTs. Thapliydal, CEO of Web3 infrastructure firm Chain, made headlines in February after he paid 8,000 ether, or $23.7 million, for CryptoPunk #5822. This made him the record holder for the “highest expensive NFT collectible” in the Guinness World Records.
Thanks @dt_chain for the good deal⚓️#NewNFTProfilePic NFT by @BoredApeYC pic.twitter.com/CgIy73fBx5
— Keungz ❤️ Memeland ☠️ YGPZ ♀️ (@keung) November 23, 2022
Not long after the sale of BAYC #232 on November 22, BAYC #1268 was sold for 780 ETH, or about $940,000 at the time of sale, between two anonymous wallets on November 24.
Importantly, the NFTs sold for far more than their floor price, which has been falling over the past few months. The minimum price for a Bored Ape, as reported by NFT Price Floor, is currently a little under 63 ETH, or over $75,600. This is a decrease of 80 percent in US dollar terms from the all-time high of 144.9 ETH, or over $391,000, reached on May 1.
Snag Solutions Got 88% of ApeCoin DAO Votes
To create the ApeCoin DAO marketplace, the project has been assigned to Snag Solutions, a startup founded and controlled by two persons, Zach Heerwagen and Jason Jong. The APE DAO community voted in favor of the company by a margin of 88%.
The Snag Solutions website says that both Heerwagen and Jong have worked for DoorDash in the past. GolbinTown and Genuine Undeed are two more sites developed by the firm.
You been waiting for this!!
Today @snag_solutions is launching the official @ApeCoin DAO marketplace pic.twitter.com/AFFignsokA
— Zach | Zheerwagen.eth (@ZHeerwagen) November 23, 2022
Zach Heerwagen, CEO and co-founder of Snag Solutions, called the bidding process “interesting,” noting the company had to make changes to its first offer. The company, which has been around for a few months, has previously requested the DAO for $50,000 in seed funding. Company officials ultimately decided against submitting a competitive offer. “Their proposal made our idea better,” Heerwagen continued.
The company capitalized on the shortcomings of Magic Eden, its main competitor, which has been criticized for being closed-source. The Solana blockchain is connected to Magical Eden. Since the historic FTX collapse, the native token to the latter, SOL, has seen a huge decline in value.
Ape Price Prediction – ApeCoin Up 15% to $3.76
ApeCoin’s current price is $3.77, with a 24-hour trading volume of $250 million. ApeCoin has increased by over 15% in the last 24 hours. CoinMarketCap currently ranks #33, with a live market cap of $1.3 billion. There are 361,250,000 APE coins in circulation, with a maximum supply of 1,000,000,000 APE coins.
ApeCoin has formed an ascending triangle pattern extending major resistance at $0.3220, and a break above this level could expose ADA to $0.3320 or even higher. At the same time, the support level remains at $0.3090.
APE Coin Price Chart – Source: Tradingview
A break below this level could expose APE to the $0.2993 support level. So keep an eye on $0.3220 because the breakout will determine future price movements.
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This article was written for Business 2 Community by Arslan Butt.
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