#ApeCoin (APE) is scheduled to experience a token unlock with an estimated value of $16.69 million. This occurrence arises in the context of the token's downward price movement, resulting in a 50% reduction in its market value during the third quarter of 2023.
A total of 15.60 million $APE is scheduled to be introduced onto the market in the upcoming week.
Based on the data provided by TokenUnlocks, it is anticipated that the forthcoming token unlock event for ApeCoin is scheduled to take place on October 17. During this event, the ApeCoin DAO is expected to introduce an additional 15.60 million APE tokens into the existing circulation.
The next APE token unlock in 2023 will signify the ninth occurrence of this event, which consistently takes place on the seventeenth day of each month. According to additional details provided by TokenUnlocks, the recently launched APE tokens will be distributed among five prominent entities.
The entities encompassed within this category consist of Yuga Labs and its creator, the ApeCoin DAO Treasury, charitable organisations, and the individuals who contributed to the project's debut, specifically referring to early investors in the token before to its formal release. It is anticipated that upon its introduction, tokens will constitute around 4.23% of the circulating supply of APE.
The cryptocurrency known as ApeCoin was introduced to the market in March of 2022, accompanied with a total token supply of 1 billion. Presently, 54.25% of these tokens have been made accessible. However, it should be noted that the circulating supply of the token consists of just 367.59 million APE.
Will APE's bearish trend persist?
Typically, the introduction of token unlocks is often followed by apprehensions over an imminent decline. This phenomenon occurs due to the abrupt influx of a substantial number of tokens, which may incentivize certain investors to engage in selling activities to capitalise on their gains. Consequently, this selling activity exerts downward pressure on the price of the aforementioned token.
As previously said, the APE market is now experiencing a prolonged period of adverse sentiment. Despite seeing a modest decline of 2.79% during the last month, the token has exhibited predominantly unfavourable performance throughout the year 2023.
There is a possibility that APE may incur further financial losses as the token unlock event is scheduled to take place in the upcoming week. Nevertheless, it is possible that this assertion may not hold true. According to historical statistics, it has been observed that token unlocks do not consistently lead to a decline in price. This trend is shown by the case of Aptos in January, where the APT token saw a 50% increase subsequent to its monthly token release.
Furthermore, notable advancements have transpired in relation to ApeCoin throughout the preceding week. On October 11th, Sandeep Narwal, one of the co-founders of Polygon, put up a proposal on the ApeCoin Decentralised Autonomous Organisation (DAO) about the creation of a distinct layer 2 solution for ApeCoin, which has been named "ApeChain."
At now, the APE ecosystem operates on the Ethereum Network, utilising APE as its governing asset. This ecosystem encompasses many NFT initiatives initiated by Yuga Labs, including the Bored Ape Yacht Club (BAYC).
Nevertheless, the establishment of ApeChain has the potential to enhance the scalability of Apecoin, hence potentially influencing its adoption and market value in a favourable manner.
At the time of writing, the stock of APE is valued at $1.06, reflecting a 1.47% increase in value over the last day. In the meantime, the daily trading volume of the token has experienced a decline of 16.96%, reaching a valuation of $19.32 million.

Apecoin (APE) has surged by 8% today and 15% in a week. Its 24 hours trading volume has also increased by 150% in the last 24 hours. What’s the cause of this sudden rise?
A Look at APE’s Fundamentals and Use Cases
ApeCoin is a token that operates on the ERC-20 standard and serves as both a governance and utility token within the APE Ecosystem. Its purpose is to empower and incentivize a decentralized community that is actively involved in building the web3 ecosystem.
Holders of ApeCoin have the ability to govern themselves through a decentralized governance framework. This framework controls the ApeCoin DAO (Decentralized Autonomous Organization), allowing holders to vote on how the ApeCoin DAO Ecosystem Fund should be utilized. The Ape Foundation, in turn, administers proposals that have been agreed upon by ApeCoin holders.
In summary, ApeCoin is a token that enables a decentralized community to govern itself and make decisions regarding the use of the ApeCoin DAO Ecosystem Fund. This token plays a crucial role in incentivizing and empowering participants within the APE Ecosystem, which is at the forefront of the web3 movement.
Technical Analysis
According to Captain Faibik’s chart, it seems APE has bottomed out on January 23, 8 days ago. Since then the price has been increasing and it is on the verge of breaking a major resistance trendline that has blocked the price since April 2023.

If the price breaks this key $1.6 resistance, we could be looking at a major breakout towards $5 or even higher.
So in summary, strong fundamentals combined with bullish technicals suggest Apecoin could see significant upside in the short term if key resistance levels are broken.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#ApeCoin #APE