Apecoin (APE) Price Hits All-Time Low as Community Proposals Fail to Boost Investor Interest
The price of Apecoin (APE) has fallen to a new all-time low of $1.16, signaling bearish control over the network that supports the Bored Ape Yacht Club (BAYC) NFT collection project. Despite the recent introduction of four APE Improvement Proposals (AIP) by the Apecoin team, investor FUD (fear, uncertainty, and doubt) has increased according to on-chain data.
One of the proposals suggested paying creators in APE tokens to expand the ecosystem, but it hasn’t resonated with the wider crypto community. As a result, the number of new users joining the Apecoin ecosystem has dropped to historic lows. If the APE price manages to rebound above $2, there is a chance for a bullish comeback. However, the majority of current circulating supply is held by a cluster of buyers who purchased tokens at an average price of $1.75. If they decide to sell, the APE price could experience a retracement.
No New Demand in Sight For Apecoin, Despite Community Proposals
On September 8, the Apecoin (APE) team announced “4 APE Improvement Proposals (AIP) up for vote,” which included a proposed BORED AS F*CK documentary movie. While the votes for all 4 proposals are headed toward acceptance, on-chain data shows that investor FUD has heightened.
In efforts to “expand the ecosystem,” the Apecoin team has proposed to onboard creators and pay them in the native APE token. But on-chain data, this has not quite resonated with the global crypto community.
Despite community proposals, the number of new users joining the Apecoin ecosystem has now dropped to historic lows. The Santiment chart below illustrates that Apecoin recorded a Network Growth (5d) of 258 on September 10, the lowest since the APE token’s inception in March 2022.
Still, Apecoin bulls can stage a comeback if the APE price rebounds above $2. But as seen above, the 19,000 addresses had bought 328 million tokens at the average price of $1.75. This cluster of buyers also represents the majority of the current circulating supply. If they look to close their position, APE price could retrace.
Although unlikely, if that resistance level does not hold, the APE price could break above $2. However, the project will need some favorable news from its APE Improvement Proposals (AIP) if it expects to overcome such a massive resistance zone.
Hot Take: Apecoin Struggles to Gain Traction Despite Community Efforts
The Apecoin (APE) price has hit a new all-time low, signaling bearish dominance over the Bored Ape Yacht Club (BAYC) network. Despite recent community proposals and attempts to expand the ecosystem, the project has failed to attract new users, resulting in historic lows for network growth. The APE price may have a chance to rebound if it surpasses $2, but the majority of the circulating supply is held by buyers who purchased at a higher average price. This creates the risk of a price retracement if they decide to sell. The project needs positive developments from its APE Improvement Proposals to overcome the resistance it currently faces.
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