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What’s Behind ApeCoin Price 66% Surge, Top 100 Return?

Published

9 hours ago

October 20, 2024

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ApeCoin (APE), the governance token of the APE ecosystem, has seen its price increase by a staggering 66% in the last 24 hours. During the intra-day trading session on October 19, the price of ApeCoin was $0.75.

As of this writing, the cryptocurrency’s value has surpassed the $1 mark and could be looking at going higher. But why is APE suddenly making such a big move? This analysis reveals the reason and highlights what could be next for the token.

ApeChain Launch Sends ApeCoin Volume Higher

BeInCrypto’s finding revealed that APE’s price climbed due to the release of ApeChain. The. chain is a new Layer-3 blockchain developed as an Arbitrum Orbital Chain by the ApeCoin Decentralized Autonomous Organization (DAO).

As a result, it returned as a top 100 cryptocurrency, according to CoinGecko data. On X (formerly Twitter), ApeCoin disclosed that bridges were live, and users can now access the chain.

“Bridges are live. Bring your tokens to ApeChain now to start earning native yield on APE, ETH, and various stablecoins.” ApeCoin announced.

Since its launch, market observers have drawn comparisons between ApeChain and Solana-based Pump.fun, as trader interest continues to grow. Within three hours of going live, Arbitrum-based Camelot DEX reported that ApeChain’s volume had exceeded $5 million.

This trend was further supported by ApeCoin’s total on-chain volume. According to Santiment data, the volume surged nearly 3000% in the past 24 hours and is approaching the $1 billion mark. If the volume continues to climb alongside the price, the altcoin’s value could surpass $1.25 in the coming days.

ApeCoin Volume — Apecoin Volume. Source: Santiment

Another notable surge in APE is its network growth, which tracks the number of new addresses interacting with a protocol. As of October 18, ApeCoin’s network growth was 83.

However, at the time of writing, that figure has increased to 3235. This indicates that there has been an influx of new participants adopting the APE token. This level of adoption reflects strong interest from developers and projects eager to leverage ApeChain’s capabilities.

If the trend continues over the next few days, demand for APEA might increase, potentially putting upward pressure on the altcoin’s value.

Addresses on ApeCoin increases — ApeCoin Network Growth. Source: Santiment

APE Price Prediction: Run to $2 in Play

From a technical perspective, ApeCoin’s price recorded incredible growth after breaking out of a descending trendline that has existed since June. The descending trendline ensured that the altcoin found it challenging to move higher as it wobbled between $0.55 and $0.85 for a long period.

Currently, the Moving Average Convergence Divergence (MACD) has hit a significantly positive value for the first time in almost a month. The MACD measures momentum, with negative values indicating bearish momentum and positive ones indicating bullish ones.

Therefore, the momentum around APE is bullish, signifying that the token’s value could go higher. If this trend continues, ApeCoin’s price might rise to $1.47 and possibly push toward $2.

ApeCoin price analysis — ApeCoin Price Analysis. Source: TradingView

However, the token might fail to reach this point if APE holders who have held it through a long downturn period decide to take profits. If that happens, the price might sink to $0.86.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Here’s Why TIA Price Could Fall Below $5 Before Token Unlock

Published

30 mins ago

October 20, 2024

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In 10 days, modular blockchain project Celestia (TIA) will release 80.77% of its circulating supply, valued at $1.05 billion. This impending token release has sparked concerns about potential selling pressure, which could affect TIA’s price.

BeInCrypto explores how the altcoin, which has experienced volatile price swings in recent days, might perform before the event.

Celestia Faces Selling Pressure as Huge Token Unlock Approaches

For Celestia, this upcoming token release represents one of the largest since the project’s inception. As a result, TIA’s price is expected to face significant volatility in the lead-up to the event.

Currently, Celestia’s price is $5.95 and has been hovering around that same region for some time. However, based on the signal from the Chaikin Money Flow (CMF), the altcoin might drop below $5.

Celestia token unlock — Celestia Token Unlock. Source: Tokenomist

The CMF is a volume-weighted oscillator that tracks the flow of money into or out of a cryptocurrency over a set period. It’s commonly used to identify trends, spot potential reversals, and gauge overbought or oversold conditions.

Furthermore, the indicator oscillates above and below zero, with positive readings indicating an uptrend and negative readings indicating a downtrend. As seen below, the CMF reading is in thhe negative region, suggesting that TIA’s price might soon experience a significant downturn.

Celestia Chaikin Money Flow Drops — Celestia Chaikin Money Flow. Source: TradingView

TIA Price Prediction: Bears to Put It Below $4

From a technical perspective, the TIA/USD chart shows the formation of a head and shoulders pattern. This pattern is a chart formation that signals a potential bullish-to-bearish trend reversal in a cryptocurrency’s price.

Typically, when an asset’s price drops below the neckline of the pattern, a significant correction appears. On the other hand, a rise above the neckline invalidates this prediction. Based on the chart below, Celestai’s price looks likely to drop below the neckline at $4.73.

If that happens, the token’s value could sink to $3.87. However, if bulls defend the token from declining below $4.73, the drawdown might not happen.

Read more: 10 Best Altcoin Exchanges In 2024

TIA price analysis — Celestia Price Analysis. Source: TradingView

In that case, TIA could surge to $7.30, and after the supply shock, the altcoin might rise to $10.40 if buying pressure increases.

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Token Unlocks to Watch Next Week: ADA, ID and EIGEN

Published

3 hours ago

October 20, 2024

admin

Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.

Although no significant token unlocks are scheduled for the upcoming week, here are five events to keep an eye on.

Cardano (ADA)

Unlock date: October 22
Number of tokens unlocked: 18.53 million ADA
Current circulating supply: 35.72 billion ADA

Cardano focuses on sustainability, security, and scalability for decentralized applications and smart contracts. On October 22, the network will unlock over 18 million ADA, allocating these tokens to staking and the treasury fund reserve. This action strengthens the staking ecosystem and supports Cardano’s long-term development.

SpaceID (ID)

Unlock date: October 22
Number of tokens unlocked: 18.49 million ID
Current circulating supply: 430.50 million ID

Space ID is a universal decentralized identity protocol that connects people, assets, and dApps across various blockchains. It allows users to use a single domain name to represent their identity across different applications and networks.

On October 22, the project will unlock over 18 million ID tokens and allocate them between the Space ID Foundation, ecosystem fund and community.

EigenLayer (EIGEN)

Unlock date: October 22
Number of tokens unlocked: 1.29 million EIGEN
Current circulating supply: 186.58 million EIGEN

Ethereum-based restaking protocol EigenLayer started October by listing its EIGEN token on major exchanges. On October 22, the project will unlock 1.29 million EIGEN, valued at $4.56 million as of this writing. The team has earmarked these tokens for future community initiatives, making it unlikely that the unlock will significantly impact the token’s price.

Ethena (ENA)

Unlock date: October 23
Number of tokens unlocked: 12.86 million ENA
Current circulating supply: 2.74 billion ENA

Ethena is a synthetic currency protocol working on Ethereum. It provides a native cryptocurrency solution independent of traditional banking, and also offers global users a dollar-denominated savings instrument called the ‘Internet Bond.’

The ENA token enables holders to vote on governance proposals. On October 23, the project will unlock almost over 12 million ENA dedicated to ecosystem development.

ENA unlock — ENA Unlock. Source: Tokenomist

Yield Guild Games (YGG)

Unlock date: October 27
Number of tokens unlocked: 14.08 million YGG
Current circulating supply: 386.40 million YGG

Yield Guild Games (YGG) is a gaming community that operates on a play-to-earn model. It brings together gamers worldwide, enabling them to earn cryptocurrency rewards by participating in various blockchain games. YGG invests in NFT assets, such as in-game items and virtual land, making these available for guild members to borrow and use in their gaming endeavors.

In a few days, Yield Guild Games will unlock over 14 million YGG. These tokens will be distributed across the community, founders, investors, and the treasury, fueling the guild’s growth and ecosystem development.

Next week’s smaller cliff unlocks include Galxe (GAL), Acala (ACA), and Euler (EUL), among others, with a combined value surpassing $99 million.

While many see token unlocks as bearish, a well-structured schedule can actually support a project’s long-term success. Tied to key milestones and development, unlocks can motivate the team, engage the community, and drive ecosystem growth.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Crypto Phishing Service Angel Drainer Takes Over Inferno’s Tools

Published

4 hours ago

October 20, 2024

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The infamous crypto wallet-draining service Inferno has handed over control of its platform to rival provider Angel Drainer.

This shift could signal a new and potentially more dangerous phase in the crypto-draining ecosystem.

Angel Drainer Absorbs Inferno’s Crypto-Draining Platform

On October 19, blockchain security firm Scam Sniffer reported that Inferno Drainer announced via Telegram that it had handed over its platform to the Angel Drainer team. The Inferno team expressed confidence in Angel’s ability to manage the drainer. The platform stated that Angel would maintain its code base and key features such as protocols, autoclaims, and bypasses.

“We find the Angel Drainer team competent enough to maintain the drainer (while keeping our code base and features such as 200+ protocols, autoclaims, bypasses as well as many big pending updates, new panel with logs handling and many other things) as they have shown they could be trusted,” Inferno drainer stated.

Additionally, Inferno reassured its clients that their existing data and functionality, including login credentials, statistics, and other service features, would remain unaffected.

This handover is expected to have significant implications for the crypto-draining landscape. Wallet drainers typically provide scammers with phishing tools — such as fake social media accounts and websites — in exchange for a cut of stolen funds. In 2023 alone, these services enabled the theft of $295 million from 324,000 victims.

Yu Xian, founder of blockchain security firm SlowMist, commented on the development, noting the potential strength of the combined forces of Inferno and Angel Drainer.

“Inferno Drainer has made a lot of money and is going to quit the game? Angel Drainer actually took over its source code? A stronger combination? To be honest, the code engineering quality of these two is really good,” Xian stated.

Other security experts raised concerns, noting that Angel and Inferno had very similar code and security structures in recent months. One analyst suggested that Angel Drainer may have purchased Inferno when it originally shut down, and this recent move could be an attempt to obscure the transfer of control.

“It seems like Angel might have bought the project when Inferno shut down and mentioned a sale. From the outside, it looks like Angel is using this setup to deceive users,” the expert stated.

Meanwhile, this isn’t the first time Inferno has announced its departure from the crypto-draining market. In November 2023, the platform claimed to have ceased operations after facilitating the theft of over $80 million. However, in 2024, Inferno resurfaced, revealing that it had been operating covertly for several months.

Inferno Drainer Fund Transfer. Source: Scam Sniffer

However, the exit seems more definitive this time. Scam Sniffer reported that the Inferno team has already transferred 2,845 ETH (around $7.5 million) from its fee collection address to other wallets. Additionally, the fee address for the drainer has been updated on-chain, suggesting a complete handover of control to another party.

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