ApeCoin is up 4% amid optimistic fundamentals from the network. However, the recent APE coin’s recent gain has failed to reverse its previous downward trend fully. It’s trading near $5.70 even as ApeCoin prepares to launch a staking program. ApeCoin (APE) is a cryptocurrency based on the Ethereum blockchain. ApeCoin (APE) prices have risen by 2.75 % in the last seven days.
However, APE tokens fell during the weekend amid the release of over 25 million tokens and increased selling pressure. The 25 million tokens, which account for 8% of ApeCoin’s current circulating supply, are part of a planned sequence of unlocks that will eventually result in a total supply of 1 billion APE tokens, up from 314 million now
ApeCoin (APE) Rises as Staking Program Near
As the staking program nears completion, the coin that powers the Bored Ape Yacht Club ecosystem has recently risen sharply. According to CoinMarketCap data, ApeCoin (APE), the cryptocurrency underlying the Bored Ape Yacht Club ecosystem, hit a new 30-day high of $6.12 a few days ago.
During the last week, the total number of unique wallet addresses holding APE increased by 0.008% to 90,305, according to Etherscan statistics. However, ApeCoin’s recent rise coincided with a slight recovery in the broader crypto market, with Bitcoin and Ethereum up about 3.5% following a week-long decline.
Furthermore, the rally was boosted by the announcement that ApeCoin is planning to launch a staking program.
ApeCoin Up 4% Despite Slowdown in Crypto Market
The ApeCoin gains were fleeting, as the cryptocurrency market fell all day and could not recover. Because of poor global markets and recession fears in important countries such as the United States and Europe, the cryptocurrency market has been flashing red since the beginning of the week and is currently trading unsteadily.
The aggressive inflation-fighting policy of the United States Federal Reserve lowered morale even further. This occurred after the Fed raised interest rates by 75 basis points. Wall Street and European markets fell sharply this week as oil prices fell and bond yields rose to multiyear highs.