ApeCoin Drops 14% as a New Meme Coin Gains Attention – Should Investors Consider a Change?

The launch of ApeCoin’s ApeChain initiated a significant rally for the APE price, but it now seems that BAYC’s venture has not succeeded as a new meme coin takes center stage – let’s take a closer look.

The BAYC community celebrated enthusiastically over the past week, showcasing the successful turnaround in ApeCoin price movements following the introduction of ApeChain.

When everyone understands that the more they elevate @apecoin, the more funds the DAO can distribute.
The DAO treasury has effectively doubled overnight. Now envision when $APE reaches $2, $4, $6
Additionally, the Banana Bill currently holds nearly $200 million at its present market cap.
HIGHER pic.twitter.com/R2XlEKHANx

— ₿ojangleGuy.eth (@BojangleGuy) October 21, 2024

Despite still trading at a disappointing -32% year-to-date return, the significant ApeChain update marked a break from over two years of declining trends for APE – providing much-needed relief to long-suffering holders.

What Sparked the Crypto Market’s Excitement About ApeChain?

Positioned as a new dedicated layer-2 for NFT development, there was a brief moment when it appeared that the NFT market could be validated, and that there might finally be a long-term incentive for ApeCoin holders with the introduction of native staking rewards.

However, these expectations seem to have been fleeting, as the decline following the +135% surge has been substantial.

A temporary increase in the floor price of BAYC NFTs appears to have been short-lived, with a -4.18% decrease over the last 24 hours, bringing it back down to 11.69 ETH (approximately $29.5K USD).

Perhaps most disheartening, the community is already trying to maintain the upward momentum with misinformation – following a recent story that claimed ApeChain had altered its logo to a Gorilla, which briefly gained traction.

No, we didn’t.
Moreover, they cannot do that without a community vote at the DAO.

— thedereksmart (@dsmart) October 23, 2024

This was swiftly refuted by Indie Developer Derek Smart, who pointed out that this change had not occurred, and any decision would require a DAO proposal.

APE Price Analysis: Will ApeCoin Maintain Key Support or Is the ‘Reversal’ Destined to Fail?

As ApeCoin enters the third day of its decline, the APE price continues to fall, currently trading at a market price of $1.093 (indicating a 24-hour change of -2.39%).

Despite starting the week with a dramatic multi-day +135% increase, APE’s price performance this week has been underwhelming, with a -37.27% drop over the past 72 hours after facing resistance at a historical price level of $1.8.

The downward trend appears poised to persist, as APE seems to be on a path toward testing support at moving average levels.

This situation arises as the 20DMA (at $0.89) and the 200DMA (at $0.94) converge, potentially indicating a correction following the ‘death cross’ drop by the 20DMA back in April.

Meanwhile, after a significant overheating following the ‘breakout’ move, ApeCoin’s RSI has cooled down, although it still remains technically overbought with a reading of 58.8, suggesting that further downside may be necessary.

Ultimately, attention remains focused on the $1 mark – will it hold and stabilize? Or will the breakout reversal fail? One thing is certain, we will find out by next week.

Pepe Unchained Layer-2 Could Reach $1 Billion As It Revitalizes the PEPE Ecosystem

Meanwhile, shifting focus from the multi-billion market caps and exploring emerging opportunities in the meme coin sector, there may be no more thrilling prospect this week than Pepe Unchained.

Aiming to tackle one of the most prevalent complaints among meme coin traders—high gas fees—Pepe Unchained is set to liberate the iconic Pepecoin from its ERC-20 constraints by launching a much-needed dedicated meme coin layer-2.

What does this entail? In essence, Pepe Unchained will provide quicker transactions at a reduced cost, creating a highly scalable environment for the top meme coin developers in the crypto industry.

$22M!!!
Just wait until you see what’s in store pic.twitter.com/4Wuhy2bfyL

— Pepe Unchained (@pepe_unchained) October 23, 2024

However, this initiative is much more than just a new layer-2 leveraging Ethereum; it is about fostering a new hub for meme coin activity, which necessitates ecosystem expansion.

The original developers involved in the Pepe Unchained project are acutely aware of this.

Consequently, they are already devising a comprehensive suite of ecosystem development tools, including block explorers for research, ultra-low-cost cross-chain bridges to attract meme coin traders from across the sector, and a new developers grant fund.

Through Frens With Benefits, Pepe Unchained will support developers in the space to build on the latest layer-2 solution, so anticipate significant developments ahead.

Moreover, you can claim your share of the opportunity and benefit from this substantial new venture.

The seasoned development team (which possesses over 100 years of combined blockchain development experience) is initiating this project with crowdfunding through the $PEPU presale.

Pepe Unchained’s presale raised an impressive $22.5 million this week, as astute investors across the industry target $PEPU as one of the most anticipated launches of 2024.

So don’t overlook this remarkable opportunity; the next time you hear about Pepe Unchained, you might find yourself trading on it (and regretting missing this news!).

To stay updated, connect with the Pepe Unchained community on X and Telegram.

Visit Pepe Unchained Here

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