As per an analysis by Sam Cooling, the governance token ApeCoin (APE) continues its free fall, recording a further -15% decrease week-on-week, while raising speculations and concerns among stakeholders – Does the future hold any promise for ApeCoin, or are we bound to see it drop to zero?
In essence, this downslide is not unique to ApeCoin. The entire Bored Ape Yacht Club (BYAC) ecosystem, once thought of as an elite Non-fungible Token (NFT) collection, endures similar turbulence. Quantifying this turmoil, the frantic NFT market has seen BAYC NFT floor price tumble by a heart-wrenching -26.2% in the past month, translating to a loss of around $11,500 in fiat. Further compounding these woes, BAYC volumes and sales have witnessed a plunge of -41% and -31% respectively over this period.
Meanwhile, on the brighter side, ApeCoin’s developer community remains steadfast and resilient, with noteworthy plans in place, including a bold proposition for a refurbished ApeCoin marketplace with an enforcement of royalty payments for creators.
Turning to technical analytics, the pendulum is currently swinging in favor of bearish trends with ApeCoin still trailing below the 200DMA, the MACD flashing significant bearish divergence, and a well-established 7-month descending trading channel.
However, amid this grim backdrop, a glimmer of hope emanates from the Sonik Coin ($SONIK) – a newcomer making a substantial splash in the crypto markets. Sonik Coin’s sale has already amassed a staggering +$400,000 within its inaugural week. The allure of this token lies not only in its nominal price of $0.000014 but also in its remarkable staking APY of 209%, promising rewarding returns.
Parallels are being drawn with $PEPE, or Pepecoin which delivered returns exceeding 10,000% to early investors. With Sonik Coin’s grounds based on an innovative staking model and a community-focused infrastructure, industry pundits foresee a trajectory similar or even surpassing Pepecoin’s.
As we sift The Good, The Bad, and The Ugly in the crypto arena, it becomes abundantly clear that the volatility within digital currencies is far from over. Diversification may remain the key as many investors are seen shifting their focus and funds to more promising plays like Sonik Coin in hope of recouping losses. As they say, the early bird does indeed catch the worm, or in this case, rides the supersonic wave. This shifting landscape surely keeps crypto enthusiasts on their toes, waiting with bated breath for what the future holds.
Source: Cryptonews
