ApeCoin is now in the Top 10 for trading volume, having been able to trade from 100 of the most powerful ETH whales in 24 hours.
- APE was ranked in the Top 10 for trading volume
- ApeCoin’s MRV has been seeing sustained growth
- APE Price Up by 1.46%
The Bored Ape Yacht Club isn’t running out of cards to play with the integration of a new staking rewards program that caught the attention of many ETH whales. Popularity of the BAYC token may be due to its developments.
APE has seen many amazing developments, including the buoyancy created by the rise in whale interests.
ApeCoin Bullish Technology Indicators
For one, ApeCoin’s MRV has been seeing sustained growth and doing tremendously well over the past month. Investors will view this positive trend as a bullish sign for APE.
Additionally, APE’s market capitalization has also surged from $1.46 billion to as much as $1.65 billion as of this writing.
According to CoinMarketCapAs of writing, APE prices have risen by 1.46 percent or traded at $5.40.
However, APE’s trading volume has seen a massive reduction from 590.45 million to 141.08 million. ApeCoin’s activity also dropped, which is indicative of the few wallet transactions.
This scenario suggests that the APE could fall below $5.135 support level in the next few days. Moreover, the altcoin’s RSI at 39.64 and CMF at -0.03 also demonstrate a bearish movement.
Based on the APE chart, there really isn’t much traction noted since its launch in March. APE plunged as high as 80% since its ATH, with NFT demand decreasing and APE demand also declining.
ApeCoin is experiencing sideways motion because of all the NFT markets.
BAYC Innovations With Rewards Staking
If there’s one thing really impressive about the BAYC, it is the creators who continuously reinvent themselves and innovate their brand to be more relevant to their target market. One of the most significant developments is its stake rewards program.
With a rewards staking program, the crypto is locked up for a certain period at which you’re not allowed to trade it but it generates passive income for you as the owner. You can earn rewards by allowing someone to access your crypto for a set period of time.
Staking rewards are extremely popular with investors because you gain more revenue by staking your altcoin especially if it’s relatively going up in value.
ApeCoin’s rewards staking program was revealed in sneak peak form on September 3. Apecoin has revealed recently that their rewards staking program would go live October 31.
Source: TradingView.com| Source: TradingView.com MakeUseOf Chart: TradingView.com Featured Image