APE Surges by 5% Within 24 Hours, However, Concerns Remain Over Unlocking
Despite showing a price rise, may turn bearish after its upcoming token unlock.
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Despite showing a price rise, may turn bearish after its upcoming token unlock.
It seems ApeCoin (APE) had a recent surge in price after a bearish trend, but there's apprehension about an impending token unlock that might impact its trajectory. Despite a rebound and current trading at $1.38 with a market cap over $507 million, the release of 15.6 million tokens, valued at $22 million, raises concerns for investors. Historically, APE has seen price drops post-unlocks, adding uncertainty. Market data shows declining floor prices in Bored Ape Yacht Club (BAYC), possibly indicating similar trends for APE. While some indicators suggest a positive outlook with decreased supply on exchanges and positive money flow trends, caution prevails amid the uncertainty around the unlock's impact on APE's performance.
The crypto community is keenly observing the unlocking of SUI, GAL, and HFT tokens, scheduled between October 3 and October 7, due to their potential impact on market dynamics and token prices.
The unlock, scheduled for mid February, will release 12% of the token’s supply.
Over 25 million APE tokens will be released to launch contributors, representing nearly 8% of the circulating supply.
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