- The latest unlock represents approximately 4% of APE’s total offering, valued at $160 million.
- The AppCoin staking program has generated strong demand for APE.
Application Currency (APE)Epoch Labs, the main token of the ecosystem, recently issued approximately 40 million tokens to the market as part of its scheduled linear unlock.
The unlocked accounts for about 4% of the total APE supply, worth $160 million, in total, more than 42% of the total supply was unlocked at the time of writing.
🚨 Last Call Alert 🚨
4.1% $monkey It will be unlocked in an hour, worth $160 million!
Keep a close eye on their activity with our latest features ✨
Share your thoughts on the sentiment below 👇! pic.twitter.com/PukTfwgWix
— Token Unlocks (@Token_Unlocks) March 16, 2023
APE fell more than 7% in value as a result of the last token unlock event on February 16 coin market capSurprisingly, APE bucked the trend this time, posting a gain of more than 6% in a 24-hour span.
Reading Apcoin (APE) Price Prediction 2023-24
Hoarding spree for APE
Unlocking tokens can be tricky in the crypto space. While they are designed to provide liquidity to the market and help with project expansion, they can also become a source of inflationary pressure, which can cause prices to drop drastically.
However, in the present case, there was strong evidence that PSA was being procured in bulk, giving rise to the unblocking phenomenon.
According to the Unlocking schedule, APE balances on centralized exchanges have decreased significantly since December of last year. Interestingly, this was also the time when AppCoin launched its staking program.
Smart Money Wallet has also started increasing its APE allocation balance. Perhaps, the strong incentive to stake rewards motivates users to keep the tokens instead of selling them.
On March 17, a 1-month period will begin with a linear unlock of 4% of the total supply (FAST🚨)
What happens in the chain before unlocking?⛓️⛓️
a thread🧵🧵 pic.twitter.com/UlCbr92kuM
— Unlocked Calendar (@UnlocksCalendar) March 15, 2023
According to Dune Analytics, the APE staking pool generated an annualized return of 81% at press time. There was also an incentive mechanism to reward early bettors. Thus, there was a strong push for stackers to hold APE.
The bull and the monkey became friends!
AppCoin transaction volume reached an 11-month high of 125.9 million on March 17, reinforcing the accumulation theory.
The supply from the big steers has increased considerably since the beginning of the year, indicating that whales are breaching APE in abundance.
How much they cost 1,10,100 APE worth today?
Most technical indicators favor a bullish view for APE on the daily time frame.
The Relative Strength Index (RSI) started an uptrend and is sitting comfortably at the neutral 50 level. On Balance Volume (OBV) posted higher highs and lows of late, suggesting strong demand.
The moving average convergence divergence (MACD) confirmed the start of a bullish cycle after the crossover.