ApeCoin is certainly showing some magic in today’s bear crypto market, gearing up for its staking launch – but will it manage to avoid the looming price correction?
ApeCoin (APE), a coin based on the already legendary Bored Ape Yacht Club NFT collection, has shown positive results recently.
Defying the bear market, in the past week, its price increased from $3.23 to $3.92, peaking at $4.38 on Nov.30.
The ApeCoin staking feature was launched on Dec. 5
Slated to be available at apestake.io, it will allow users, except the United States and Canada who will not have access to the service due to regulatory issues, to lock their APE holdings into four staking pools — ApeCoin pool, BAYC pool, MAYC pool, and Paired pool.
ApeCoin’s performance in the past week. Source: Coinmarketcap
As a result, APE outperformed most key coins including Bitcoin (BTC) and Ether (ETH).
Will the staking affect the coin’s price?
Although a positive development, some analysts fear that the staking launch may put an end to the run once the hype is over.
Among them is Altcoin Sherpa who said,"You can probably long until staking starts, and then you can just short it [...] I wouldn't buy here personally but would wait for a break/retest.”
The technical data likewise suggests that a price correction is anticipating ApeCoin, with some predicting that its price will decrease by 30% by the end of December. This is, however, just an assumption as there is also reason to believe that the ApeCoin will be able to break the resistance level.
In Oct, the U.S. Securities and Exchange Commission began probing the Bored Ape Yacht Club NFT collection’s parent company Yuga Labs, to find out whether the sales of its digital assets violated federal law.
Previously, GNCrypto reported about Slim Shady’s and Snoop Dogg’s Bored Ape’s performance at VMA.
