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ApeCoin Defies Expectations with 62.18% Monthly Increase

ApeCoin Defies Expectations with 62.18% Monthly Increase Despite Token Unlock Event Despite the anticipation of a bearish market sentiment, ApeCoin (APE) has experienced a remarkable 62.18% monthly increase, contradicting the trend of token unlock events. Many have been taken aback by the upward movement, which is due to the upcoming token unlock event on November …

ApeCoin Defies Expectations with 62.18% Monthly Increase Despite Token Unlock Event

Despite the anticipation of a bearish market sentiment, ApeCoin (APE) has experienced a remarkable 62.18% monthly increase, contradicting the trend of token unlock events. Many have been taken aback by the upward movement, which is due to the upcoming token unlock event on November 17.

The Unusual Trend: Whales Holding onto Positions

Token unlock events often result in a sell-off, with investors and whales tending to cash out, causing the price to drop. However, the data suggests that whales have been slow to sell, leading to fewer and wasting away large transaction amounts. The decrease in whale activity has boosted the confidence of larger holders, who are now holding onto their positions instead of selling.

Retail Traders Take Control

Meanwhile, retail traders have taken control of the token and helped it gain momentum recently. The low number of Daily Active Addresses (DAA) indicates that there are fewer retail participants contributing to the token’s surge.

Token Unlock Event: Will it Disrupt the Trend?

The November 17 token unlock event will see the release of 15.38 million APE tokens, which is worth $17.58 million and represents 1.54% of the total locked supply. In the past, this event would result in a sell-off, but the current market conditions indicate that APE is experiencing growth.

Positive Market Indicators

The token’s value has risen by 10.71% in the past 24 hours, suggesting potential price increases. Long traders are increasing their positions and maintaining confidence in future gains, as evidenced by an uptick in Open Interest and a positive climb to 0.0297% Funding Rate. The negative impact of exchange Netflows on APE tokens, with $2.94 million and $8.80 million left, respectively, indicates a decrease in selling pressure and an increase in demand.

Read more about Token Unlock Events and their Impact on the Market

For more insights on token unlock events and how they affect the market, check out this article on [CoinSeeks.com: “Unlocking the Truth: How Token Unlock Events Affect Market Sentiment”](https://coineseeks.com/unlocking-the-truth-how-token-unlock-events-affect-market-sentiment/)

Conclusion

The current price action of APE is proving to be bolstering the token’s resilience against future token unlock events. The current trend suggests that APE may continue to rise, possibly due to the support of retail traders and the confidence of larger holders. ApeCoin’s recent surge is a significant departure from the conventional token unlock event narrative; given the decreasing activity by whales and driving by retail traders, it will be interesting to see how the market reacts to this unique opportunity. APE has proven to be a resilient and thrilling token, with promising future prospects.

Kaan Akdag

Kaan Akdag

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