On July 18, Apecoin’s price surged by 20 per cent, closing the markets at $5.99. Although this was not surprising during that time because Apecoin was already in a two consecutive bullish trend, it set a trend that has continued since then. Today, the Apecoin price is up by 6 per cent, and the intraday data shows a possible continued rise throughout the session.
Why did Apecoin Rise?
We have seen Apecoin’s continued dominance in the market partly because of the recent Bored Ape Yacht Club demo of the Otherside Metaverse. According to reports, Bored Ape Yacht Club creator Yuga Labs gave a few lucky players access to its new project, the Otherside metaverse.
The news of the Demo sent investors scrambling to buy Apecoin, which is the primary token of Yuga Labs in the Apecoin Dao. In the ecosystem, Apecoin is used as both a utility token and a governance token. Therefore, any type of development that Yuga Labs comes up with is likely to impact the crypto.
Part of the reason we saw almost a 100 per cent increase in the trading volume of Apecoin, which on July 17th was $433,491,766 and on July 18 rose to $896,798,611 was because of past performances of Apecoin. However, investors who got in early were not wrong either. This is because, since July 18, Apecoin’s price has risen by 36 per cent.
Apecoin Price Prediction
Although the trading volume of the Apecoin has continued to reduce since its peak on July 18, the Apecoin price has continued to rise. With today’s trading session showing a 6 per cent surge, there is a high likelihood that the trend is just starting.
Therefore, my Apecoin price prediction expects the prices to continue going up for the next few trading session. There is a high likelihood that we will see Apecoin trading above the $8 price level in the next few session. My analysis will only be invalidated should the price trade below the opening price of the July 18 trading session, which was $4.97.