Key Points:
- ApeCoin saw a severe drop in the past week, with almost 30% of its value lost.
- The cause of the decline stemmed from the internal DAO management.
- APE trading volume has decreased significantly, so it is not appropriate to buy altcoins at this time.
ApeCoin (APE) continues to stutter under pressure, the booming cryptocurrency regulated by ApeCoin DAO is sailing in choppy seas with a 28% loss in value over the previous week, with the alarming salary disclosures of the DAO’s leadership causing a ruckus among the community.
The ApeCoin DAO is not completely decentralized, and many roles within its organizational structure have been established to enable a smooth governance process. According to the ApeCoin website, the Ape Foundation assists the ApeCoin DAO’s governance process and is in charge of day-to-day administration, accountancy, project management, and other activities.
On June 10, the ApeCoin DAO secretary, known as “Vulkan,” released an organizational chart on Twitter outlining the DAO’s top pay. This revealed monthly incomes ranging from $7,000 to $75,000, which shocked some community members and prompted a flood of inquiries from others.
Users expressed particular worry over the six-figure yearly salaries paid to Special Council members.
In the middle of the debate, APE’s value has dropped by 28% in the last week, trading at $2.08 as of June 16. This drop is most likely a reflection of investor attitude about the continuing saga.
According to the technical indications offered, APE’s negative momentum is unquestionably significant. The turmoil seems to have been caused by internal market factors rather than foreign market pressures.
If APE fails to rise and closes below the Fib 23.6 level, traders could expect this level to become immediate resistance. The price area we need to watch here is $2.7.
Also, the trading volume of APE has decreased significantly, with volumes plummeting by more than 43% to a measly $83 million. Therefore, investors should note that buying at this time has many disadvantages.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
Coincu News
Source: https://news.coincu.com/195757-apecoin-loses-almost-30-value/