Similar to other cryptocurrencies, ApeCoin (APE) experienced a price increase after a period of decline. Additionally, APE was anticipating the release of its next set of tokens, which has the potential to impact its price once more.

Last week, ApeCoin bears exerted significant pressure on the token's price, causing it to plummet by over 19%. However, the situation took a positive turn in favor of the token.

Based on CoinMarketCap data, APE recorded a growth of over 5% in the past 24 hours alone. As of now, the token is being traded at $1.38, with a market capitalization exceeding $507 million.

Eager Anticipation for Next Token Unlock

According to a tweet from Token Unlocks on January 8th, the network was currently anticipating its upcoming set of unlocks. This release would unlock a total of 15.6 million tokens, valued at over $22 million.

Unfortunately, this could potentially be concerning for investors as APE has historically experienced price declines following token unlocks.

APE Faces Additional Challenges to Resolve

Despite the prevailing bullish market, the floor price of Bored Ape Yacht Club (BAYC) has been consistently declining, as observed through Coingecko's data analyzed by AMBCrypto. Consequently, there is a growing possibility that Ape token (APE) might experience a comparable trend in the upcoming days.

In order to gain deeper insights into Ape token's (APE) challenges, AMBCrypto examined Santiment's data. The analysis revealed that prominent investors, also known as whales, were currently showing a decline in confidence towards APE.

This trend was noteworthy as it was evident from the decrease in ApeCoin's supply held by top addresses during the previous week. However, despite this decline, the overall market displayed a strong interest in purchasing APE. This was reflected in the drop in APE's supply on exchanges, while its supply outside of exchanges witnessed an increase.

On the positive side, there were a few market indicators that showed a bullish outlook for Ape token (APE). Both the Money Flow Index (MFI) and Chaikin Money Flow (CMF) experienced upticks, indicating an increased likelihood of a sustained upward trend at the present time.