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ApeCoin has been generating a lot of buzz within the crypto market, but unfortunately, not all have been positive.
While it experienced a remarkable price surge of 70% earlier this year, the crypto asset has recently suffered a steep decline of 40% in the past month.
This significant drop has raised concerned among investors regarding the future of $APE and whether it may be headed toward oblivion.
Meanwhile, the fast-rising crypto project Wall Street Memes continues to capture attention as it approaches an astonishing valuation of $10 million.
ApeCoin Slumps Amid Crypto Market Downtrend
At press time, ApeCoin is trading at $2.18, representing a downtrend of 4.97% in the last 24 hours.
While there was a 3.83% surge in the asset’s price during the previous week, it also experienced a decline of 38% within the last month.
Furthermore, ApeCoin has experienced a substantial slump of 46.96% in the past 90 days. Its year-to-date (YTD) performance also displays a negative value, with a 40.32% decline recorded so far.
Despite these indications, the observed patterns in trading volume and market capitalization present a contrasting narrative.
ApeCoin has witnessed a significant uptick of 11.09% in its 24-hour trading volume, reaching $102 million. In contrast, the asset’s market capitalization has decreased by 5.75% to $800 million.
This suggests that while trading activity is increasing, the overall market valuation appears to be declining.
Consequently, it implies that more individuals are entering the buying phase of ApeCoin rather than the selling phase.
The asset’s price is currently trailing below its 50-day simple moving average (SMA) of $3.39 in the short term and its 200-day SMA of $5.01 in the long term.
As a result, investors should anticipate price fluctuations within the range of the current price and the 50-day SMA.
Based on technical analysis, ApeCoin appears to be approaching the 23.6% Fibonacci retracement level of $2.31. However, the recent price decline seems to have slowed down its progress.
If the downtrend persists, the asset could potentially experience further declines. However, in the event that ApeCoin manages to reverse its bearish trend, it will likely encounter immediate resistance at the 23.6% Fibonacci level of $2.31.
A consistent bullish trend could lead to the asset breaking through and reaching new price levels.
The relative strength index (RSI) reading of 33.60 indicates that the asset is currently oversold. Meanwhile, the moving average convergence divergence (MACD) reflects a buy signal.
ApeCoin Kicks Off IDAO Election
The ongoing ApeCoin election, which commenced on June 15 at 6 p.m. EST, has garnered substantial attention and sparked daily discussions on Twitter.
The election includes selecting Special Council members and new Stewards within the ApeCoin DAO.
Voting is live for @apecoin DAO Special Council 🗳️
(Voting is open from June 15-21)Meet the nominees 👇 pic.twitter.com/CWdtvDNfNi
— Sera☆ (@SeraStargirl) June 16, 2023
Recent controversies surrounding compensation and grants for Special Council Members have contributed to the heightened interest in this election.
am i crazy or are these salaries insane
like i genuinely have no idea what the "special council" is even doing to deserve $20k/month
would love to be proven wrong here but it looks like apecoin dao is just burning cash on nothing
can anyone name one proposal passed this year? https://t.co/jomri88ZUa
— Daniel G 🍌 (@DanielitoG25) June 11, 2023
There are currently two vacant positions for Special Council members and two openings for Stewards, with the elected members serving up to two concurrent terms.
The objective of the election is to fill the vacant positions previously occupied by Alexis Ohanian and Yat Siu. All ApeCoin holders can participate in the voting process, with each token granting one vote.
The voting process consists of two rounds:
- Round One, spanning from June 15 to June 21, will narrow the nominees to five finalists.
The bright side ✨ You know how to be better prepared for when round 2 comes around^^ (June 22-28) pic.twitter.com/2bvkuxXXmC
— Sera☆ (@SeraStargirl) June 15, 2023
- Round Two, scheduled from June 22 to June 28, will narrow the selection to the top two finalists. The election will conclude on June 28.
The primary objective of the ApeCoin DAO is to establish and maintain a fair and inclusive APE Ecosystem through open and permissionless governance procedures, fostering collaboration among the token holders.
As the decentralized ecosystem continues to vote on value-driven projects, the utility and value of the ApeCoin token are expected to increase.
Wall Street Memes Presale Races Ahead – Approaches $10 Million
While ApeCoin is experiencing a bearish phase, the crypto community is excited over an innovative project known as Wall Street Memes.
Inspired by the GameStop event of 2021, Wall Street Memes aims to unite individual investors through a meme coin that challenges traditional financial players.
With a substantial social media following of over one million users, Wall Street Memes has gained significant support.
The large support has helped the project amass more than 400 million impressions, which is greatly supporting its presale phase.
Moreover, the community’s strong influence and appeal have attracted billionaire Elon Musk’s attention on two separate occasions.
The Wall Street Memes team had already achieved significant mainstream success with the launch of the “Wall Street Bulls” non-fungible token (NFT) collection. This collection quickly sold out in just 32 minutes, generating an impressive revenue of $2.5 million.
To further promote Wall Street Memes, the team has employed various strategies, including introducing 420 Ordinal NFTs and merchandise.
The ecosystem is powered by the $WSM token, currently on presale. At press time, the crypto asset is in the 17th stage, with an impressive $9.7 million raised already.
According to the project’s whitepaper, once the fast-selling presale of the meme coin concludes, it is expected to be listed on public exchanges.
https://twitter.com/wallstmemes/status/1662474606794493954?s=20
A noteworthy feature of Wall Street Memes is its unique tokenomics, which positions the $WSM token for sustainable price action after its launch.
The presale is divided into 30 rounds, providing investors different entry points and profit potential once the token becomes publicly available.
It is important to note that only 50% of the tokens are sold during the presale, with the remaining portion allocated for liquidity purposes and community rewards.
Considering these factors, combined with the reputation of the development team and the project’s substantial following, Wall Street Memes is anticipated to become one of the next crypto coins to experience significant growth.
Interested investors can purchase $WSM at a discounted price of $0.0298 today before the price rises.
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