ApeCoin Whales Stir the Waters: Will APE’s Recovery Efforts Pay Off?

• ApeCoin DAO’s native token $APE struggles to lift off from an all-time low.
• Bored Ape community is worried about the upcoming $APE unlock, with 15.6 million APE representing 4.23% of circulating supply.
• There is potential for a short squeeze as BTC breaks through $32,000.

ApeCoin DAO’s Native Token Struggles

ApeCoin DAO’s native token $APE has been struggling to lift off from an all-time low recently, briefly climbing back above the $2 price range but being rejected at $2 resistance due to bearish short-term conditions surrounding the memecoin. This has caused worries within the Bored Ape community regarding the upcoming unlock event on 16th August 2023 of 15.6 million APE (4.23% of circulating supply).

Short Squeeze Potential

There is potential for a short squeeze incoming if Bitcoin (BTC) breaks through the $32,000 mark as this will likely cause crypto bulls to take over the technical setup for $APE given their price correlation between each other. Additionally, Otherside’s AAA game could bring back some hope for APE if it is successful and members of the Bored Ape community flock there in order to purchase 100,000 additional lands in gameplay using NFT collections.

Bored Chilla’s Perspective

Bored Ape Yacht Club member Bored Chilla took to X (formerly Twitter) recently in order to clarify his perspective on ApeCoin’s future in the coming months and what yearly performance may look like: “Truth is, short-term price action doesn’t look very good: – Low volume – Low volatility – More supply unlocks – No upcoming catalysts for holding – No mainstream use case to buy Looks ugly right? 🤢” (2/9). At press time, one APE was changing hands at around $1.85 according CoinGecko .

Staking & Arbitrage Utility Cases

The memecoin that powers ApeDAO and several metaverse games developed by Yuga Labs has several relevant utility cases such as staking and arbitrage within its own Bored Ape community and also powers Otherdeed by Otherside with its users able to collect NFT collections used in gameplay and purchase 100,000 additional lands if successful launch takes place.

Conclusion

In conclusion these are exciting yet difficult times for those invested in ApeCoin DAO’s native token which faces an uphill battle from an all-time low not helped by scheduled unlocking events that will see a substantial amount of tokens released into circulation while still trying to recover from recent plunge in value; however there remains hope with potential incoming short squeezes depending on BTC breaking through certain marks followed by possible success with Otherside metaverse game if successfully launched bringing benefit for holders and more activity within Bored Ape Community whilst having utility cases such as staking & arbitrage available too