The Crypto ApeCoin (APE) has been in the red for months. Since its peak in March 2022, the coin has lost more than 97% of its value. In February this year, the currency seemed to be making a comeback, but to no avail. And with $45 million worth of APE tokens set to be released the day after tomorrow, things are not looking good for APE investors.
Millions of ApeCoin cryptocurrencies enter circulation
On September 17th 40.6 million APE tokens be put into circulation. At the time of writing, the coins are worth $44.78 million. The announcement of the large amount of tokens issued has been causing prices to fall for weeks.
The millions of APE tokens made available are not expected to have a positive impact on the price. When millions of dollars of digital currency are put up for sale at once, the Bears the upper hand. Bears refer to investors who expect prices to fall.
As a result of sales, supply gains the upper hand and demand falls, whereupon prices often begin to fall. This is bad news for APE investors because out of the thousands of investors, only 1% are currently in the green.
ApeCoin is fundamentally different from coins like Bitcoin
ApeCoin has a total supply of 1 billion units, of which 368.6 million are currently in circulation. Instead of a system like Bitcoin (BTC) mining The APE coins are circulated by issuing them at regular intervals. When the project launched in March 2022, 30.25% was in circulation.
ApeCoin is a digital currency on the Ethereum blockchain. People who own ApeCoin can decide what happens in the coin’s ecosystem. They vote on changes and can use the tokens to do certain things within that system.
The APE ecosystem is more than just ApeCoin; There are various online applications and projects. There is a special fund that can be used for development and other matters, and the community decides how this money is spent. A foundation helps implement these decisions.