Cointelegraph
Published May 11, 2022 03:15PM ET
Updated May 11, 2022 05:00PM ET
ApeCoin (APE), the new cryptocurrency that was recently launched by Yuga Labs, aims to be the bedrock of the Otherside metaverse and recently, the token has experienced massive volatility leading into and after its digital land sale. APE’s price dropped from $26 at the peak on Apr. 28 to $14 on May. 2 — more than a 45% drop within a few days of the mint. The price has now dropped to the $6 range.
Given the current volatility, investors will be wondering if ApeCoin price will ever recover to its previous trading range. Let’s first take a look at the historic price trend, particularly what happened on the Otherdeed mint day; then take a deeper dive into the amount of APE that will be locked and released in the next three years. This will provide a better understanding of the supply and demand dynamics that could affect the price going forward.
h3 What happened to the Dutch auction? /h3 h3 The delayed mint created additional problems/h3 h3 The guaranteed mint for KYC’d wallets vanished/h3 h3 Gas fees skyrocketed during the actual mint/h3 h3 Continuous supply increase adds downside pressure to APE price/h3Continue Reading on Coin Telegraph
Written By: Cointelegraph
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