On November 17, Apecoin is set to release 15.6 million APE tokens, marking the second major unlock event in just two months.
These tokens will be distributed to various entities, including Yuga Labs, the project's treasury contributors, founders, and charity. Apecoin's journey in the crypto space has been closely monitored, and this upcoming token release is garnering enormous attention.
The Token Release Details
The Apecoin token unlock event scheduled for November 17 will unleash 15.6 million APE tokens. These tokens are currently valued at an estimated $20.28 million.
The distribution plan includes allocating 2.2 million APE to Yuga Labs founders, 278,000 to charity, 7.34 million to the project's treasury, 4.17 million to Yuga Labs, and a cumulative 1.5 million APE to all launch contributors.
This release represents 4.23% of Apecoin's total supply, which consists of 1 billion tokens, with 367 million currently in circulation.
Apecoin's market performance has been a topic of interest. Despite a minor price setback in recent days, the APE market continues to show an upward trajectory. Its current value is reminiscent of the price observed on September 8.
In the last month, APE's price saw a 20% increase between 2 and 29 October, reaching a peak of $1.4. However, it now stands at $1.36, reflecting a 3% decrease. The bullish sentiment in the market over the past month has propelled APE's Chaikin Money Flow (CMF) to a 10-month high.
Understanding the CMF
The CMF indicator assesses the volume-weighted money flow in and out of a cryptocurrency. When the CMF value increases in tandem with the asset's price, it signifies a bullish signal. This suggests a growing influx of liquidity, which can fuel price growth. Conversely, a declining CMF value indicates capital flight and often precedes a decline in the asset's value.
Strong Bullish Sentiment
Despite the recent price dip, APE's Awesome Oscillator confirms a strong presence of bullish sentiment. Indicated by a predominance of green histogram bars since mid-October, the Awesome Oscillator highlights that APE's short-term moving average consistently outperforms the long-term moving average. This suggests that the market maintains its upward trend, even in the face of slight value fluctuations.
Getting Ready for the Apecoin Token Unlock
With the Apecoin token unlock event approaching, market participants are advised to stay informed and prepared. The release of 15.6 million APE tokens will likely impact the market dynamics, and it's essential to monitor the evolving situation closely.
As we approach the eagerly awaited Apecoin token unlock on November 17, the crypto community is keeping a close eye on this event. With the APE market exhibiting strength and resilience, many are optimistic about the potential outcomes of this token release. Stay tuned for updates as the Apecoin story unfolds in the dynamic world of cryptocurrency.