In an exciting development, APE, SAND, MANTA, AVAX and many other cryptocurrency The total value of the unit will be unlocked at approximately $1 billion. This could have a potential impact on the prices of these tokens.
ApeCoin, the NFT project, will release more than 15.6 million tokens worth approximately $22.3 million through a planned unlock. This token unlock represents 2.58% of the total circulating supply. This could have a significant impact on the market and lead to speculation on the future of ApeCoin.
Why Did APE Price Rise Before Token Unlocking?
Following the upcoming APE token unlock, it is observed that APE has experienced a significant price increase of over 4.5%. This development brings about intense speculation about the future of APE. However, despite the sales pressure that may occur with the token unlocking, it is observed that ApeCoin acts contrary to expectations; APE price is constantly increasing.
Currently, APE is trading around $1.57 and has experienced a price increase of over 4.5% in the last 24 hours. Looking at it over a longer period of time, the APE price has increased by over 16% in the last 7 days, while it has experienced an increase of over 8% in the last 30 days.
According to expert technical analysis, the APE on the daily timeframe is undergoing a breakout of the inverse head and shoulders formation. If APE closes above $1,567 on the daily timeframe, it is estimated that APE could reach $1.7 in the coming days. As of now, APE is trading below its 200EMA (Exponential Moving Average), which indicates that APE is still in a downtrend. However, it is estimated that if APE surpasses and trades above the 200 EMA in the coming days, the uptrend may strengthen.
The Reason Why SAND Token Price Dropped
Koinfinans.com As we reported, analysis of APE’s performance shows that investors are now turning their focus to NFT-related projects. ApeCoin’s token unlocking and impressive performance stand out as an indicator of this trend. However, today another game project sandbox‘s massive token unlock caused a price drop of over 2%. This could lead to a general price drop to be expected in the coming days following the SAND token unlock and the upcoming APE token unlock.
Token unlocking, crypto- It is a mechanism used by projects. This mechanism is used to restrict a certain percentage of a token’s circulating supply and increase its supply by unlocking it during a certain period. However, once these tokens are unlocked, they are added to the circulating supply and become available for trading. This may cause changes in the balance of supply and demand in the market and have an impact on prices.
