ApeCoin’s ApeChain launch started a huge rally for APE price, but now BAYC’s gamble appears to have flopped as a new meme coin steals the spotlight – let’s check it out.
The BAYC community brought out the buntings as they went on parade over the last week, toting and gloating about the successful reversal in ApeCoin price action after the release of ApeChain.
While still trading at a woeful -32% YTD return, the major ApeChain update came as a break to more than two-years of downside moves by APE – in a huge relief to long-suffering holders.
Why Was The Crypto Market Hyped Up About ApeChain?
Positioned as a newly designated layer-2 for NFT development, for a fleeting moment, it seemed that the NFT market could be vindicated and that there might just finally be a long-term holder incentive for ApeCoin holders with the introduction of native staking yields.
Yet, these hopes appear to be short-lived, as the comedown from the +135% pump has been dramatic.
A brief uptick in the floor price of BAYC NFTs appears to have been short-lived. Over the past 24 hours, it has dropped -4.18% to 11.69 ETH (around $29.5K USD).
Perhaps most depressing of all, the community is already attempting to sustain the upside with fake news – after a recent story claiming ApeChain had changed its logo to a Gorilla briefly went viral.
Indie Developer Derek Smart quickly dispelled this, highlighting that this hadn’t happened and that any decision would need to pass via a DAO proposal.
APE Price Analysis: Will ApeCoin Hold Key Support or Is ‘Reversal’ Doomed?
As ApeCoin enters day 3 of its collapse, the APE price is still tumbling. It is currently trading at a market price of $1.093 (representing a 24-hour change of -2.39%).
Despite opening the week on a dramatic multi-day +135% climb, APE price performance this week has been less than stellar. Following rejection from a historical price level at $1.8, the price has dropped 37.27% over the past 72 hours.
The downside seems set to continue here, as APE appears to be on a collision cause with a test of support at moving average support.
This comes as the 20DMA (at $0.89) and the 200DMA (at $0.94) push to tighten in a potential correction of a ‘death cross’ drop by the 20DMA back in April.
Meanwhile, after a significant overheating following the ‘breakout’ move, ApeCoin’s RSI has cooled off, although it remains technically overbought with a reading of 58.8, implying further downside is needed.
Ultimately, all eyes remain around the $1 mark—will it hold and consolidate? Or will the breakout reversal collapse? One thing is for sure: We’ll know by next week.
Pepe Unchained Layer-2 Could Hit $1Bn As It Reboots PEPE Ecosystem
Meanwhile, stepping away from the multi-billion market caps and looking at growing opportunities in the meme coin space, there is perhaps no more exciting opportunity this week than Pepe Unchained.
Seeking to address one of the most common complaints amongst meme coin traders—high gas fees—Pepe Unchained is trying to free the legendary Pepecoin from its ERC-20 prison by launching a much-needed dedicated meme coin layer-2.
What does this mean? In a nutshell, Pepe Unchained will deliver faster transactions at a lower cost, enabling a highly scalable playground for the best meme coin developers in the crypto space.
But this is so much more than a new layer-2 piggy-backing on Ethereum; it is about developing a new hive for meme coin activity, which requires ecosystem growth.
The OG developers working on the Pepe Unchained project are aware of that.
As such, they’re already planning a whole suite of ecosystem development tools, including block explorers to enable research, super low-cost cross-chain bridges to draw in meme coin traders from across the industry, and a new developers grant fund.
With Frens With Benefits, Pepe Unchained will fund developers in the space to build on the latest layer-2 solution, so expect big things to come.
Better yet? You can claim your slice of the pie and profit from this huge new venture.
The experienced development team (which boasts over 100 years of combined blockchain development XP) is bootstrapping this project with crowdfunding via the $PEPU presale.
Pepe Unchained’s presale raised a jaw-dropping $22.5M this week, as eagle-eyed investors across the space industry target $PEPU as one of the hottest launches of 2024.
So don’t miss out on this incredible opportunity; next time you hear about Pepe Unchained, you will probably be trading on it (and regret ignoring this news!).
To stay current, engage with the Pepe Unchained community on X and Telegram.
Visit Pepe Unchained Here
The post ApeCoin Plummets 14% As a New Meme Coin Steals the Limelight – Is It Time to Switch? appeared first on Cryptonews.
