ApeCoin Chronology:
The ApeCoin is a utility and governance token based on the ERC-20 standard. Its primary purpose is to incentivize and empower the decentralized community within the APE Ecosystem, which is at the forefront of web3. ApeCoin holders use a decentralized governance framework to control the ApeCoin DAO and determine the allocation of the Ecosystem Fund. The APE Foundation manages the proposals that have been approved by ApeCoin holders.
The ApeCoin: A Utility Token for the APE Metaverse:
APEcoin is a cryptocurrency designed to support the development and growth of the APE Metaverse. The APE Metaverse is a virtual world designed to provide a decentralized, community-driven platform for gaming, socializing, and digital asset ownership. The APEcoin is the primary utility token used within the APE Metaverse to facilitate transactions and incentivize community engagement. The APE Metaverse aims to provide users with a highly immersive and interactive experience where they can explore, create, and monetize their digital assets. The use of APEcoin within the metaverse provides a secure and transparent platform for transactions and provides users with greater control over their assets.
ApeCoin Fundamentals:
ApeCoin has a total fixed supply of 1 billion tokens which were all minted on the launch day, March 17, 2022. At the time of launch, 30.25% of ApeCoin was in circulation, with a gradual increase in circulation over 48 months. The actual number of tokens in circulation is subject to change as it is influenced by market conditions and the gradual increase in circulation over time.
ApeCoin is the governance token of the APE Ecosystem, allowing token holders to participate in ApeCoin DAO and use a shared and open currency without centralized intermediaries. ApeCoin also provides access to exclusive games and services in the ecosystem and can be used by third-party developers to participate in the ecosystem. 62% of ApeCoin is allocated to the Ecosystem Fund, which funds community-driven initiatives chosen by ApeCoin DAO members. The APE Foundation received a 1 of 1 NFT from Yuga Labs, the creators of Bored Ape Yacht Club, and the ApeCoin DAO members can decide how to use it.
ApeCoin Price Prediction: Technical Analysis
ApeCoin price fell by 64.89% throughout 2022. Buyers tried their best to keep APE price above its primary resistance of $4.52 but they gave in near the end of the year. APE price made its new 52-week low in November 2022.
The RSI is decreasing in the oversold zone and might show a negative crossover over the 1-day time-frame chart which shows strength in the bullish intent. However, MACD and the signal line are increasing over the daily trading chart which contradicts the RSI indicator.
Overall, the technical indicators rating is “sell” for ApeCoin.
Conclusion
At press time, ApeCoin is trading at $4.22 with a 0.62% intraday increase. ApeCoin is a cryptocurrency created to facilitate growth and development in the APE Metaverse. The decrease in trading volume suggests a lack of trust among traders in ApeCoin. Technical indicators for ApeCoin indicate strong selling pressure.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/04/06/apecoin-in-2023-an-overview-of-fundamentals-and-technicals/