Token

ApeCoin

In February 2024, nearly $1 billion worth of cryptocurrencies, including APE, SAND, MANTA, AVAX, and many others, are set to unlock, potentially creating an impact on the prices of these tokens. However, on February 15, 2024, ApeCoin, an NFT project, is scheduled to unlock over 15.6 million tokens, valued at around $22.3 million. This token unlock represents 2.58% of the total circulating supply. Why APE price surge before the token unlock? 
Today, on February 14, 2024, following the upcoming <a href="https://news.todayq.com/1-billion-worth-crypto-set-to-unlock-in-feb-sui-avax-and-more/" rel="noopener noreferrer nofollow">APE token unlock</a>, it is observed that APE experienced a significant price surge of over 4.5%. However, the token unlock might create selling pressure, but in the case of ApeCoin, it doesn’t act as expected; instead, the APE price is continuously increasing.
Currently, APE is trading near $1.57, and in the last 24 hours, it experienced over a 4.5% price surge. If we look at APE over a longer period, in the last 7 days, the APE price has surged by over 16%, whereas in the last 30 days, the price of APE has increased by over 8%.
According to expert technical analysis, APE on the daily time frame is undergoing a breakout of an inverted head and shoulder pattern. If APE on the daily time frame closes above $1.567, then in the coming days, we might see APE reach $1.7. As of now, APE is trading below its 200EMA (Exponential Moving Average), which indicates that APE is still bearish. In the coming days, if APE breaches and trades above its 200 EMA, then it will be considered bullish, as per the data on TradingView. The reason why the SAND token price fall 
By examining the performance of APE, it is observed that investors are now placing their bets on NFT-related projects. In addition to ApeCoin’s token unlock and its impressive performance, today on February 14, 2024, Sandbox, another gaming project, underwent a massive 209.59 million token unlock, causing a price drop of over 2%. Following thisSAND token unlock and the upcoming APE token unlocks, it is expected that in the coming days, we may see a price drop. 
Token unlock is a mechanism used by crypto projects that restricts a certain percentage of the circulating supply of a token, which unlocks at a specific period, increasing its supply. However, these tokens, once unlocked, are added to the circulating supply and become available for trading.
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ApeCoin price soars ahead of token unlock

Todayq News

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