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The several weeks, the trading price of ApeCoin (APE) has continued experiencing an uptrend. The bulls have proven their strong resilience against the bears keeping APE’s price higher for a while.
However, after a strong and long-term rally, the sentiments of the buyers are weakening. The bulls are also feeling exhausted and that is because of multiple factors that are both fundamental and technical.
APE Price Surge and a Possible Risk
In the past couple of weeks, the trading price of APE has continued surging. For two weeks, the bulls have continued pushing APE’s price higher and they were able to form a strong 50% rally in the particular period.
It was due to the strong buying sentiments of the bulls and their resilience that they were able to keep the rally going. As a result, the trading price of APE rose to a high of $2.60.
The trading price of APE moved in an upward direction like the rest of the major cryptocurrencies. The phenomenon was witnessed as the trading price of the USD moved downwards.
The decline in the trading price of the dollar was recorded just as the Feds confirmed they will not increase the interest rates with aggression. They confirmed that the interest rate hikes will be lowered.
This has pulled the trading price of the dollar to pull in the international markets, pushing most of the cryptocurrencies.
This is the reason why the trading prices of most of the cryptocurrencies went up. The major cryptocurrencies also experienced price pumps but ApeCoin has managed to surpass most of them.
The trading price pump APE has recorded is higher than most of the major cryptocurrencies, ranking it among the top gainers.
The asset even surpassed Ether and Bitcoin demonstrating a stronger performance than these two major assets.
APE’s Staking Feature
Another reason why APE’s rallies and surges are stronger than most of the cryptocurrencies is because of APE’s new staking feature. The investors seem to have very high hopes for the staking feature.
The officials at ApeCoin announced that their staking feature will be introduced on December 5. It will be launched through apestake.io, and will be dubbed “ApeCoin Staking”.
The information has been shared by Horizon Labs, the company behind the development of ApeCoin Staking feature.
Through ApeCoin Staking, the users will have the opportunity of participating in four different staking pools offered by Horizon Labs.
These staking pools will be the Paired pool, MAYC pool, BAYC pool, and ApeCoin pool. The users will have the freedom of participating in either or all of the staking pools.
The staking programs offered by Horizon Labs are to exist in periodic manners. Therefore, the users will be able to generate yields from the programs in the same manner.
The rise in Count of APE Holders
As the anticipation of the users rose in the staking service of ApeCoin, a spike has been seen in the count of the APE holders. Dune Analytics has shared the data confirming that a great spike has been recorded.
As per data shared by the analytics firm, the total count of APE holders back in early November was 94,775. After a month, the total count of APE holders has surged to 103,591.
The data shows that in a month, a total of 8,816 holders have become part of the ApeCoin family. This is an indication that the adoption level for the coin is rising as investors are seeing this as an opportunity to make profits.
A significant surge has been recorded in the spot demand for APE in the same period, causing the price of the asset to experience a boost.
30% Price Correction May Take Place
According to the analysts, the entire hype is due to the staking service launch of the APE. Until the staking program begins, the investors can go for long positions but with its launch, they should go for short positions.
This is because as the staking is launched, most of the rally caused by the excitement will fade away. This would mean that the trading price of APE may experience a plunge.
It may end up pulling APE’s trading price by 30%, bringing its price close to $2.85.
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