ApeCoin price has moved sideways in the past few days despite some encouraging news from the ecosystem. The APE token was trading at $3.85 on Friday, where it has been in the past few days. This price is a few points above its record low of $2.7.
Bored Ape Yacht Club sales crawled back in November even as the crypto market remained in a somber mood. Sales data shows that the combined sales in the NFT collection spiked to $63.8 million in November. That was a remarkable comeback since total sales in October and September were $31 million, respectively.
Additional numbers show that the number of sellers rose sharply in November. They rose to 409 from the previous 182 and were the highest figures since May this year. Buyers also rose to 289, the biggest increase since May this year. In December, total Bored Ape Yacht Club sales have risen to $9.6 million, meaning that there is still more demand. However, the floor price for Bored Ape Yacht Club (BAYC) has been dropping and currently stands at 64 ETH.
Another important ApeCoin news is that the Ape Foundation opened its staking feature this week. Data by Etherscan shows that over $101 million worth of APE has been staked. This is notable since ApeCoin has a combined market cap of over $1.4 billion. Binance will launch its ApeCoin staking feature on December 12
It is also worth noting that ApeCoin price is usually not correlated with the performance of Bored Ape Yacht Club. Instead, it has a close correlation with the performance of other cryptocurrencies. This means that other factors like interest rates and FTX are also impacting the APE price.
ApeCoin price has been in a strong sell-off since April when it peaked at about $28. It has continued dropping and moved below all moving averages, signaling that sellers are in control. The coin has also found a strong support at $3.12, where it also failed to move below on July 16.
Therefore, ApeCoin will likely remain in a consolidation phase in the coming days. More sell-off will be confirmed if it moves below that support. The key catalyst will be the upcoming interest rate decision by the Federal Reserve scheduled for next week.
This post was last modified on Dec 09, 2022, 06:09 GMT 06:09