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- ApeCoin price is bleeding amidst wider crypto market crash, the NFT token posts 15.5% losses.\u00a0<\/strong><\/li>\n
- Whale activity on ApeCoin\u2019s network has increased, with million-dollar transactions crossing 100.\u00a0<\/strong><\/li>\n
- Analysts predict a recovery in ApeCoin price as the NFT token prepares to begin its recovery.\u00a0<\/strong><\/li>\n<\/ul>\n
ApeCoin has emerged as a leading NFT token with a high volume of whale transactions and on-chain activity. Analysts believe ApeCoin could recover from the recent slump and compete with leading Shiba-Inu-themed tokens.\u00a0<\/p>\n
ApeCoin price recovery could begin soon<\/h2>\n
ApeCoin has been a pioneering NFT token with a highly engaged community of Bored Ape Yacht Club holders. The NFT token witnessed a rise in whale transactions worth $1 million or higher on May 5, with the count exceeding 100.\u00a0<\/p>\n
Proponents equate the rise in large volume transactions with higher demand for ApeCoin<\/a>. The first-ever native NFT collection recently hit an all-time high of $26.70. After hitting a new high, the APE price went through a pullback and was hit by a market-wide crypto bloodbath.\u00a0<\/p>\n
APE price has plummeted 15.5% overnight in response to the crypto market correction. Proponents believe rising concerns regarding inflation and recession have led to capital outflow from risk-based assets like Bitcoin, Ethereum and altcoins.\u00a0<\/p>\n
Dogecoin, the leading meme coin, has witnessed double-digit growth and rising utility among real-world businesses on the back of the community, \u2018Doge-army\u2019, and influencers like Elon Musk, that endorse DOGE<\/a>. ApeCoin\u2019s community consists of influencers that hold Bored Ape Yacht Club, one of the highest-grossing NFT collections.\u00a0<\/p>\n
ApeCoin has therefore found utility in the metaverse, like \u2018Otherside\u2019. With the rising utility, there has been a spike in volatility<\/a> in APE<\/a> prices. \u2018Weighted sentiment\u2019, an indicator of investors\u2019 outlook on the NFT token, has fluctuated, hitting a high in March 2022.\u00a0<\/p>\n
![\"ApeCoin](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/SentimentAPE-637874416407334399.png\")
<\/p>\nApeCoin Sentiment among holders\u00a0<\/small><\/p>\n
Analysts have evaluated the ApeCoin price chart and expect a recovery in APE. Keeger Francis, a Bitcoin and crypto specialist at Finder, said, ApeCoin\u2019s price rally could be considered a \u201cmeme coin pump.\u201d<\/p>\n
Francis said,\u00a0<\/p>\n
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ApeCoin looks a lot like DOGE and SHIB. So in the short term, there could be a large momentum trade leading to much higher prices. But in the long term, and after the hype has subsided, I think APE will decrease substantially in value.<\/p>\n<\/blockquote><\/div>\n
- Whale activity on ApeCoin\u2019s network has increased, with million-dollar transactions crossing 100.\u00a0<\/strong><\/li>\n