ApeCoin (APE) has seen offers on all fronts within the past couple of weeks. The altcoin from the NFT collection BAYC (Bored Ape Yacht Club) saw the market offer from MagicEden on August 9. ApeCoin’s price response didn’t whip HODLers when the proposal emerged.
Meanwhile, another offer has emerged on the ApeDAO. However, what was it about this time? Also, how’s APE reacting?
NFTs Are Unique; Why Not Rarible?
Rarible, a community-operated NFT marketplace, is the latest network to allow ApeDAO to own an APE-backed non-fungible token platform. Unlike MagicEden, the proposal by Rarible focused on a 0% transaction charge on its protocol.
Like MagicEden’s proposal, Rarible offered to launch the market on Apecoin.com. However, something appeared unique. Rarible was to support Ethereum, which currently hosts executed NFTs on the platform.
The platform trusted the market development would heighten APE usage, and leaving Ethereum transactions on the network would support seller and buyer retention. Again, APE appears unbothered despite the offer.
Unprepared
Though the overall crypto market saw plunges, ApeCoin’s slump remained unprecedented. While publishing this blog, the altcoin had lost double-digits, surrendering more than 15% within the last 24 hours. That disappointed its investors. Besides ApeCoin, BAYC didn’t react positively.
CryptoSlam revealed that the collection plummeted by approximately 12.40% in sales volume within the past 24 hours. The drop saw the index sliding to $2.25 million. However, it kept its top spot in the NFT rankings.
Furthermore, ApeCoin hasn’t improved on the on-chain metrics. Santiment showed the asset’s NTF volume has slumped over the past day to $100,000. The metric climbed to $927,000 on August 17 before sliding to 687,000 on August 18.
Meanwhile, Coinmarketcap data show APE volume gained 132% in the last 24 hours. Contrarily, it couldn’t push prices into the green. Moreover, ApeCoin enthusiasts may need to wait for a whole before a price upsurge emerges.
That’s because APE/USDT’s 4hr chart displayed bearish signs for nearly all fronts. The 50-day EMA (Exponential Moving Average) retained its spot beyond the 20-Exponential Moving Average. Also, the RSI (Relative Strength Index) revealed bearish momentum signals at massive lows of 22.49.
While writing these lines, APEDAO hadn’t reacted to the proposal, though its community responded. Some support while others need clarity.
Editorial credit: David Esser / shutterstock.com
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