With the recent hype around BAYC metaverse “Otherside”, the APEcoin token has hit an all-time high of over $17. In fact, the governance token of ApeCoin DAO has clocked a whopping 88% gain since its launch last month. At the time of writing, the token is trading at $17.09 with a $4.8 million market cap.
APEcoin token is hitting an all-time high: Time to take profits?
The recent spike in buying pressure has pushed APEcoin token price to more than $17. However, according to data by Santiment Insights, holders may want to take some profits off the table. The analyst pointed out that there was a big spike in transaction volume during the recent top on 23 April. Notably speaking, most of the largest transactions are coming from Binance deposits.
As the old adage goes “buy low, sell high”, apeing into APEcoin token right now might not be the best idea. In fact, the analyst added that we might see another leg up before the sell-off begins. With the upcoming release of “Otherside” this week, it will be interesting how the price action will unfold.
As mentioned, APEcoin is a governance token of ApeCoin DAO. Yuga Labs, the creators behind the BAYC NFT collection launched the token in early March this year, with 1 billion tokens in total supply. With this token, holders can vote on governance and the use of ecosystem funds.
Out of the total supply, Ape Foundation allocated 62% of them to the APEcoin community. Then, 16% of the tokens within this allocation were airdropped to BAYC, MAYC, and BAKC NFT owners. Nonetheless, some data has shown that the airdrop system resulted in a huge concentration of whales. According to CoinCarp, the top 100 APEcoin holders are now controlling more than 50% of the token’s circulating supply.