Is ApeCoin Going to Zero? APE Price Plummets 15% While This New Meme Coin Secures $375,000 in Funding – How to Buy Early?
ApeCoin (APE) has plummeted a further -15% week-on-week, in the latest tumble of a 7-month cascade, leaving desperate bag-holders asking: Is ApeCoin going to zero?
The downside price action for the APE governance token, comes amid wider disarray in the Bored Ape Yacht Club (BYAC) ecosystem – which has seen the value of the once prestigious NFT collection plummet over the past year.
Indeed, looking at BAYC NFT floor price, over the past month, there has been a 26.2% decrease from an average of 31 ETH to just 23.8 ETH today.
In fiat terms, that represents a decrease from around $51,000 to around $39,500 – a fiat-value loss of -$11,500 in just one month.
Worse still BAYC volumes (-41%) and BAYC sakes (-31%) have dropped off steeply over the past month, fuelling concerns about ebbing interest in the struggling project.
Yet, while NFT and token prices are dropping, the ApeCoin development community remains dedicated to building during the downside – with one developer suggesting an ambitious proposal for a V2 ApeCoin marketplace that would enable the enforcement of royalty payments for creators.
This comes following the news that OpenSea is changing its royalties model – pushing away legions of NFT artists.
APE Price Analysis: Is ApeCoin Going to Zero or Can BAYC Recover?
Amid 7-months of cascading price action, which has so far seen APE bleed-out -76% YTD, ApeCoin is trading in downside price exploration, as price continues to push lower than ever before at $1.49 (a 24-hour change of -0.40%).
Having seen losses of -31% since July 24, downside price action still seems to be the dominant force in the market.
A brief period above the 20DMA from August 12 to August 15 collapsed in a catastrophic -35% dump following rejection from upper trendline resistance.
The dramatic retracement move saw APE hit a new all-time low at $1.345 as price pushes to unseen depths.
Indicators provide some signs of life for disconcerted bag-holders, with ApeCoin’s RSI significantly cooled off at 29.59 in a huge oversold signal that could indicate a relief rally soon.
Yet, with the price still falling far below the 200DMA (which remains sat high at $3.33), the MACD is showcasing a significant bearish divergence at -0.027.
Overall, ApeCoin’s technical structure is gut-wrenching, caught in a well-established 7-month descendant trading channel with price action pushing new all-time lows.
To the upside, APE appears limited by a capstone of resistance above the 20DMA at $1.80 (a possible +
And to the downside, risk remains significant with no historical data to consider at these depths, a brief bounce at $1.35 on August 17 suggests buy pressure around $1.35 (a potential –
This leaves ApeCoin with a risk: reward ratio of 2.1, an alluring but misleading entry on the short-time frame – bearing significant risk due to the unknown downside.
But while ApeCoin bag-holders despair, smart money have already began to rotate profits into an emerging play that could see them recapture lost gains.
Sonik Coin Smashes +$400,000 Raised As Investors Rush to Secure Bag
Sonik Coin ($SONIK), which is not only making waves in crypto markets, but also racing – with the audacious goal of being the fastest token to hit the $100 million market cap.
And given the current trajectory, this aspiration may soon be a reality – as this rockstar presale has surged to a jaw-dropping +$400,000 raised in less than a week.
But what has got markets so excited about the unlikely Sonik coin? The answer is in the APY – let’s dig down into this further.
Sonik Presale ‘Gotta Go Fast’ as Project Accelerates Towards Top-Tier APY
An intriguing 50% of the mammoth 300 billion $SONIK supply has been allocated for early investors, making it a limited-time golden opportunity.
With each token priced at a meager $0.000014, enthusiasts have the perfect entry point, especially before its much-anticipated debut on Uniswap post-presale.
This decentralized exchange is a powerhouse, and $SONIK’s presence there will undoubtedly amplify its visibility manifold.
But Sonik Coin is more than just another meme coin, the staking APY of an astounding 209% speaks volumes about its potential returns.
Staking not only adds an avenue for passive income, but its inclusion also showcases the team’s commitment to longevity and stability.
The idea? By staking, holders are encouraged to hold onto their tokens for more extended periods, thus mitigating volatile price swings and cementing a firm foundation for steady growth.
PepeCoin has Proved Sonik’s High-Growth Potential in Meme Coin Vertical
Now, let’s talk about $PEPE, Pepecoin’s astronomic growth—delivering jaw-dropping returns of over 10,000% to early backers— has set a precedent.
Given $SONIK’s innovative staking model and the infectious enthusiasm around its branding (a nod to the ever-popular Sonic the Hedgehog), it’s poised for a similar, if not more impressive, trajectory.
The transparent, community-centric vision of the Sonik Coin’s founders, paired with its tantalizing staking rewards and the buzz it has already generated, sets it apart in a sea of meme coins.
Check out the Sonik Telegram and Twitter here.
If history and market patterns tell us anything, the early bird catches the worm. Or in this case, rides the supersonic wave.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
