ApeCoin is down 70%+ since the Otherside launch — Can Yuga Labs turn the ship around? By Cointelegraph
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ApeCoin is down 70%+ since the Otherside launch — Can Yuga Labs turn the ship around?ApeCoin (APE), the new cryptocurrency that was recently launched by Yuga Labs, aims to be the bedrock of the Otherside metaverse and recently, the token has experienced massive volatility leading into and after its digital land sale. APE’s price dropped from $26 at the peak on Apr. 28 to $14 on May. 2 — more than a 45% drop within a few days of the mint. The price has now dropped to the $6 range.
Given the current volatility, investors will be wondering if ApeCoin price will ever recover to its previous trading range. Let’s first take a look at the historic price trend, particularly what happened on the Otherdeed mint day; then take a deeper dive into the amount of APE that will be locked and released in the next three years. This will provide a better understanding of the supply and demand dynamics that could affect the price going forward.
What happened to the Dutch auction?
The delayed mint created additional problems
The guaranteed mint for KYC’d wallets vanished
Gas fees skyrocketed during the actual mint
Continuous supply increase adds downside pressure to APE price
Continue Reading on Coin Telegraph
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ApeCoin is down 70%+ since the Otherside launch — Can Yuga Labs turn the ship around?ApeCoin (APE), the new cryptocurrency that was recently launched by Yuga Labs, aims to be the bedrock of the Otherside metaverse and recently, the token has experienced massive volatility leading into and after its digital land sale. APE’s price dropped from $26 at the peak on Apr. 28 to $14 on May. 2 — more than a 45% drop within a few days of the mint. The price has now dropped to the $6 range.
Given the current volatility, investors will be wondering if ApeCoin price will ever recover to its previous trading range. Let’s first take a look at the historic price trend, particularly what happened on the Otherdeed mint day; then take a deeper dive into the amount of APE that will be locked and released in the next three years. This will provide a better understanding of the supply and demand dynamics that could affect the price going forward.
What happened to the Dutch auction?
The delayed mint created additional problems
The guaranteed mint for KYC’d wallets vanished
Gas fees skyrocketed during the actual mint
Continuous supply increase adds downside pressure to APE price
Continue Reading on Coin Telegraph
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