ApeCoin Shed $2.5 Billion From Its Market Cap In May – Investor Appetite Fading?
23 June 2022 - 06:08PM
NEWSBTC
The month of May’s crypto market disaster did not fail to bring
down along with it one of the “rising stars” in the crypto space,
ApeCoin. ApeCoin price has shown a robust performance in the face
of the crippling crypto market crash. However, the bulls were still
able to lift APE by about 50% higher from the coin’s low at $3.11.
As of this writing, APE was trading at $4.25, up 4.1% in the last
seven days, and selling just below the newly established swing high
at $4.35. Suggested Reading | Bitcoin Steady Above $20K After Drop
To $17K – A Slow Climb To Green? ApeCoin Market Cap Down By Half
Thursday’s data from Coingecko indicates that ApeCoin is among the
top 50 crypto assets by market capitalization, having closed May
with a market value of around $1.27 billion. As a result of the
decline in the value of other digital currencies, this amount
appears large, but it reflects a 56 percent decline from its market
value. APE’s high trading volume of $3.37 billion as of May 1
translated to a market value in excess of $4.55 billion. A high
volume of liquidation by coin holders rose on May 1 and accelerated
from May 9 to 13, contributing significantly to the decrease in
APE’s market value. Experts say this is because of the broader
geopolitical and global climate, including uncertainties in the
ongoing war in Ukraine, among other factors. Factors Contributing
To APE Price Decline It’s not just in the crypto field that things
are not looking bright. Living expenses are growing, interest rates
are rising, a recession is approaching, and inflation is
skyrocketing. The US S&P 500 is currently in a bear market, and
stock markets are shaky as well. APE total market cap at $1.27
billion on the daily chart | Source: TradingView.com According to a
number of market analysts, these are some of the causes chipping
away at the value of APE. On May 1, APE began at $20.02,
achieved an intraday high of $20.04, dropped 21 percent to an
intraday low of $15.69, and ended at $15.97. As a result of losing
more than one-fifth of its value on the first trading day of the
month, APE was unable to recover and continued to fall throughout
the rest of May, reaching new lows. Suggested Reading
| Dogecoin Price Jumps As Elon Musk Reiterates Support For
Meme Crypto At Qatar Forum APE began trading on May 1 at $20.02,
achieved a monthly top of $20.04 on the same day, hit a monthly low
of $5.25 on May 11, and finished the month at $6.76. This
represents a 66 percent decline between the opening and closing
prices of APE in May. Featured image from Gravitate.news, chart
from TradingView.com
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