ApeCoin [APE] breaks even as BAYC robbery cases persists

• BAYC holder raised alarm over increasing cases of exploitation.
• APE buyers and sellers struggled for market control.

After an earlier report on 20 January, another Bored Ape Yacht Club [BAYC] NFT was the victim of OpenSea’s stolen policy. According to the sixth largest BAYC holder, FranklinIsbored, one of his collections had been marked for suspicious activity after hackers tried to exploit the policy and run off with the NFT.

It happened again – second time in a week someone has exploited OpenSea’s stolen ape policy to sell to my collection offer after it was already marked as “under review for suspicious activity” (yellow mark). They used a “Match Advanced Order” function to “Mint” and sell to me. pic.twitter.com/21hijgtUse

— Franklin (@franklinisbored) January 22, 2023

Read ApeCoin [APE] Price Prediction for 2023-2024

The BAYC holder also pointed out that it was not the first time that he alerted the OpenSea team. On 20 January, he raised an alarm about how he could not sell one of his NFTs despite OpenSea collection of fees. This condition implied that someone had surely abused the marketplace’s policy to himself.

ApeCoin: Resisting the downside

Despite the negative occurrence, the NFT collection’s governance token ApeCoin [APE], maintained its uptick. In the last 24 hours, APE had registered a 4.90% increase in value. At the time of writing, the daily chart showed that APE’s volatility was extremely high. This was shown by the Bollinger Bands (BB). 

While the bands expanded, the APE price went further by repeatedly touching the upper band. Since this was the case, the BB state indicated an overbought signal. Hence, there was a possibility for a price reversal.

Additionally, the Moving Average Convergence Divergence (MACD), showed that APE buyers were in control of the market. However, the sellers were on their heels since the orange dynamic line was close to the blue line.

But the MACD was in greens and over the zero-histogram point. This indicated a bullish momentum unless the buying power falters.

Source: TradingView

In light of the occurrence, ApeCoin jumped into the top smart contract tokens used by Ethereum [ETH] whales. According to WhaleStats, the top 500 ETH whales highly considered the APE utility.

JUST IN: $APE @apecoin one of the MOST USED smart contracts among top 5000 #ETH whales in the last 24hrs🐳

Peep the top 100 whales here: https://t.co/kOhHps8XBB

(and hodl $BBW to see data for the top 5000!)#APE #whalestats #babywhale #BBW pic.twitter.com/0OuM1zPy7x

— WhaleStats (tracking crypto whales) (@WhaleStats) January 23, 2023

How much are 1,10,100 APEs worth today?

BAYC down at the time

While BAYC floor price surged in the past few weeks, the state in the last 24 hours has been otherwise. 

According to CryptoSlam, NFT sales of the collection had dropped 11.44% within the aforementioned timeframe. With 18 transactions, 14 buyers, and 15 sellers, BAYC made a total of $1.99 million in sales.

While OpenSea had not officially responded at press time, there was some positive news for the marketplace and Yuga Labs, creators of the BAYC. On 20 January, the lawsuit that was filed against both parties for failure to prevent theft was thrown out by a Nevada court.