#Apecoin ( #APE ) has been in a downtrend on the daily chart for about 8 months. As you can see in the chart below, it experienced a downward reaction in the sections that tried to break this downward trend. Finally, on August 15, while trying to hold on to a retest zone by breaking the falling trend, Bitcoin (BTC) entered the downward trend again with the sharp decline wave on its side.
A positive scenario for Apecoin (APE) may occur if this trend breaks up sharply and in volume. Considering that a new wave of hype in the NFT field is not expected anytime soon, this possibility seems quite low. For this reason, it is better to be careful on the Apecoin (APE) side.
What is Apecoin (APE)? What are its features?
ApeCoin (APE) is an ERC-20 token built on the #Ethereum blockchain. APE was created by Yuga Labs, the company behind popular NFT collectibles like Bored Ape Yacht Club ( #BAYC ) and Mutant Ape Yacht Club (MAYC).
ApeCoin is designed as the utility and governance token of the APE ecosystem. APE holders can manage the ecosystem through a decentralized autonomous organization called APECoin DAO. APECoin also provides access to various exclusive services and games of the APE ecosystem.
ApeCoin features include:
Utility token:Â APE provides access to various benefits of the APE ecosystem. For example, APE owners can gain early access to games and events from the APE ecosystem, purchase exclusive products and services, and earn rewards in a community-run pool.
Governance token:Â APE holders can manage the ecosystem through the APECoin DAO. APECoin DAO makes important decisions for the future of the APE ecosystem, for example, it decides how APE ecosystem funds will be used.
NFT collection: APE was created by Yuga Labs, the company behind popular NFT collections such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). Therefore, APE holders can also use APE to own BAYC and MAYC NFTs.
ApeCoin's price has experienced significant fluctuations since its launch in 2022. APE, which was $1 when it was launched on March 17, 2022, rose to $39.40 in a short time. However, since the NFT market was generally in a downward trend in 2023, the price of APE also decreased. As of August 2023, the price of APE is around $1.42.
ApeCoin is still a new cryptocurrency and it is unclear how it will perform in the future. However, the rapid growth of the APE ecosystem and the fact that APE has a variety of benefits and uses maintains the potential for APE to become a major cryptocurrency in the future. $APE $APT $SOL
