ApeCoin (APE) Leads Gains, Added Over 13% In Last 24 Hours

Decentralized Finance was the catalyst for the rise of non-fungible coins in crypto. This new sector was a frenzied one for some time, before it stabilized and began a steady expansion. ApeCoin is one of the most notable coins in the NFT sector. 

ApeCoin was built using Ethereum. It is connected to the Bored Ape yacht Club NFT, launched in 2021. ApeCoin was launched with one billion tokens. The company did not plan on releasing any more.

Related reading: Cosmos struggles with $17 price as it heads into distribution phase

The team purchased tokens during the launch and kept some to be dispersed later.

This is the reason APE coins have higher profits

An earlier prediction by analysts that ApeCoin APE might reach $5 by November 2022 was made this year. However, the prediction has been proven wrong as the coin trades at $5.65 today (September 20). Although the ApeCoin ApeCoin APE has suffered a loss of more than 7% within the past 24 hour, its value increased by over 10% during the previous week. Its achievements are more impressive than many coins trading in the red.

Many investors now wonder what the force behind ApeCoin’s growth could be. The recent price rise could be due to the network’s events. 

ApeCoin’s treasury gave 25 million APE tokens on September 17 to its launch contributors. These tokens were among the first to be reserved following launch. 

APE rose almost immediately after the event news, before it settled back down. APE continues to rise in value, despite the fact that it is not being matched by other players. Source: APEUSD price chart from TradingView.com

APE’s price is currently hovering above $5.50. | Source: APEUSD price chart from TradingView.com

What Makes the Crypto Market Bearish

In the early hours of September 19, the entire crypto market was in red. Many of the coins experienced price drops and eventually crashed. This happened immediately following the Ethereum Merge on September 15. 

The market was expected to change to a bullish direction, but the event actually caused it to be the contrary. Bitcoin Historical DataIt shows that the company lost $1000 right away after merging. Ethereum’s grip on $1600+ was lost and plummeted to $1,471.69 in the same merger day. 

Three days later, Ether’s price fell to $1,335.33, causing many to say that the upgrade was overhyped. The market was in the red by September 19th as other cryptocurrency lost all their gains. 

Why is the market losing so much? The market was anxiously awaiting the next interest rate increase. This week began with much dread. The August inflation data were higher than was expected. 

The Federal Reserve will release an updated interest rate of 75 basis points, its third straight. 

Can the market be pushed to its limits by the interest rate hike? 

On September 20, the meeting to decide the rate was started. It will conclude on September 21 when the announcement is made. The entire financial market is currently waiting for the announcement in fear. 

Many even suggested that there might be a resurgence of the Feds could target a 100 point goalThis level has never been achieved in 40 years. Wall Street analysts and JPMorgan Chase continue to debate whether the 100 point basis is the right level. 

Similar Reading: The ETH backpedals after hitting $1,800 ahead of Merge last week

For investors, however, the 75-basis point is more suitable than the much-feared one. Asset prices are volatile and investors have been feeling the effects of uncertainty as the meeting nears its end. 

By tomorrow, September 21, the Fed’s decision will determine the trend erupting in the crypto market. 

Featured image by Pixabay, chart from TradingView.com

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