ApeCoin has emerged as a leading NFT token with high volume whale transactions on-chain activity. Analysts believe that ApeCoin can survive the recent crash and compete with leading Shiba Inu-themed tokens like Dogecoin.
ApeCoin price fell hard with the market
ApeCoin has become a leading NFT token with a highly engaged community of Bored Ape Yacht Club (BAYC) holders. The NFT token witnessed a surge of $1 million or more in over 100 whale transactions on May 5.
Fans attribute the increase in large volume transactions to the high demand for ApeCoin. As reported by Cryptokoin.com , APE recently hit an all-time high of $26.70. After hitting a new high, the APE price pulled back and hit a market-wide crypto bloodbath.
APE price dropped 15.5% overnight in response to the crypto market correction. Supporters believe that growing concerns about inflation and recession are driving capital outflows from risk-based assets like Bitcoin, Ethereum, and altcoins.
“ApeCoin is very similar to Dogecoin and Shiba Inu”
Dogecoin, the leading meme coin, is the community, real world businesses behind ‘Doge-army’ and DOGE has witnessed double-digit growth and increased revenue among influencers like Elon Musk. The ApeCoin community is comprised of influencers who own one of the highest-grossing NFT collections, the Bored Ape Yacht Club.
ApeCoin therefore found a benefit in the metaverse like ‘Otherside’. With increased utility, there was an increase in volatility in APE prices. The ‘weighted sentiment’, an indicator of investors’ view of the NFT token, fluctuated, reaching a high in March 2022.
ApeCoin sentiment among holders Analysts evaluated the ApeCoin price chart and expect a rebound in APE. Keeger Francis, Bitcoin and crypto expert at Finder, says ApeCoin’s price rally could be considered a ‘meme token pump’:
ApeCoin is very similar to Dogecoin and Shiba Inu. So in the short term, there could be a big momentum trade that leads to much higher prices. But in the long run, and after the hype subsides, I think the value of APE will decrease significantly.
