Shiba Inu (SHIB) has enjoyed a period of rallying as the broader market saw gains in the last week or so. But even as bulls try to get the coin up and up, they have had to face several major resistance zones in the process. But SHIB could swing up by 20% in the near term. Here are the latest facts on the price action:
Bullish run for SHIB is facing major resistance at $0.0000273
The coin has tested that price in the last few days but has failed to overcome
SHIB could rise by another 20% if indeed that zone is breached in the coming days.
Data Source: Tradingview
Shiba Inu (SHIB) – Price analysis and prediction
After showing a lot of weakness at the start of March, Shiba Inu and most meme coins have all rallied. The coin has now managed to pair up some of the losses made this year and is already above its 20- and 50-day exponential moving averages.
Despite the recent uptrend, SHIB has faced major resistance at $0.0000273. Bulls have tested the price several times in the last two trading sessions but so far it has not been breached.
However, looking at other momentum indicators, it is likely that the overhead resistance will break. When this happens, SHIB could surge by over 20%. But if bulls somehow fail to get over that price, the token could fall back to $0.0000231.
Is Shiba Inu (SHIB) ideal for buying?
There is a short-term play here with the $0.0000273 resistance. If the price action goes above that, you can expect a swing of at least 20%, so it will be a good time to buy.
As for long-term investors, it would be best to wait for a significant pullback before you buy. You do not want to be buying close to resistance.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.
There has been a lot of talk about the crypto rally over the last two weeks or so. Many coins have posted gains in double digits, while others like Zilliqa have hogged the headlines with their massive uptrends. Why has the crypto market surged anyway? Here are some reasons:
Uncertainty around the fed rate hike appears to have died out.
Investors are flocking into crypto as a bet against growing inflation.
The downtrend at the start of 2022 has provided the perfect dip to buy in.
Well, with all the factors above, a few coins appear to have really rallied, and yet they haven’t gotten a lot of attention. Here they are:
Aave (AAVE)
As one of the leading DeFi protocols in the world, Aave (AAVE) has always had a positive long-term outlook. But the last two months have been quite volatile for the coin. It had bottomed to new yearly lows in 2022, and there was very little hope of any rebound.
Data Source: Tradingview
Despite this, AAVE has rebounded sharply and in fact, the coin has posted gains of nearly 50% over the last 7 days. This is one of the best weeks for AAVE this year.
Chiliz (CHZ)
The story of Chiliz (CHZ) is also filled with surprising turns. Like many altcoins, it was routed during the start of the year and failed to find any serious upward momentum. But just out of nowhere, the coin started to shoot up and has maintained that uptrend ever since. CHZ has gained over 50% in the past week alone.
STEPN (GMT)
We were expecting STEPN (GMT) to see gains in the last few days. But so far, the bullish breakout has been astonishing. The coin has delivered 80% in gains in just a day and is already up by a whopping 180% over the last 7 days. It is one of the top performers in crypto now.
When Solana (SOL) was launched, it was seen as the most serious alternative for Ethereum. Ever since the blockchain has seen massive growth and continues to attract a host of top projects as well. But why is Solana highly rated by developers around the world? Here are the main reasons:
The chain offers high scalability for DAPPs.
The overall gas fees are way lower compared to other blockchains.
Solana also runs various incentives designed to bring in as many developers as possible.
For investors looking for promising projects built on the Solana blockchain, we have a list of three here below that you can check out:
Serum (SRM)
Serum (SRM) is the main DEX for the Solana network. It is designed to reflect all the attributes of the blockchain, including better speeds, security, and low fees. Serum is however more than just an exchange.
Data Source: Tradingview
It’s an integrated DeFi protocol as well that allows it to offer additional services like staking and others. So far, the Serum DEX has a market cap of around $453 million. There is more room for Serum to surge in the long term.
Star Atlas (ATLAS)
Play-to-earn is seen as one of the most promising subsectors of the blockchain industry. We have seen these games go on to report massive gains in 2021, and this trend is likely to continue.
Solana has also attracted its fair share of Play-to-earn, and Star Atlas (ATLAS) is one of the most notable ones. The game is developed by the Unreal engine and is set in an immersive virtual universe.
Raydium (RAY)
Raydium (RAY) is a liquidity provider that works using an automated market maker protocol. The goal for Raydium is to provide liquidity for the Serum DEX, but there are plans to expand it further. RAY is currently on a market cap of $350 million.
The play-to-earn space of the blockchain ecosystem has seen immense growth over the last few months. In fact, Axie Infinity, which is one of the main projects in play-to-earn, saw massive gains in 2021. Here is why play-to-earn will continue to grow:
There is increased integration of blockchain gaming with the metaverse
Play-to-earn has also seen increased NFT integration as well.
We are likely to see increased institutional capital towards play-to-earn.
So, if you want solid Axie Infinity alternatives, here are the top 3 coins that you consider in the meantime.
Splinterlands (SPS)
Splinterlands (SPS) is largely a collectible card game that involves rapid battles between users as well. In essence, players will get the chance to build a unique collection of cards, each backed by NFTs. They will then try to battle each other in a wide range of skill-based games where winners earn rewards.
Data Source: Tradingview
It is also possible to buy and sell collectibles within the Splinterlands universe. The native and governance token for the game is called Splintershards, and its current market cap is around $65 million. This suggests it has the potential to go further.
Battle of Guardians (BGS)
Developed by Unreal Engine, Battle of Guardians (BGS) is a multiplayer NFT powered fighting game. It has multi chain capabilities as well since users can access it either via the Binance Smart Chain or Solana. The game offers a truly immersive experience and is one of the most exciting play-to-earn projects in the market right now.
CryptoKitties (WCK)
CryptoKitties (WCK) is a blockchain based game that lets users collect and breed cute digital kitties. All these kitties are backed by NFTs as well. The game has a dedicated catalogue where players can also view and buy kitties that they want. CryptoKitties was released in 2017, and while it was slower to hit the ground running compared to Axie, it has since managed to gain a huge following.
The month of March has been a tale of two halves for the cryptocurrency market and the weakness seen since the start of the year has began to fade. Bitcoin’s (BTC) strong move above the $40,000 level is helping to lift sentiment across the sector, and DeFi tokens are also beginning to move upward.
Crypto Fear & Greed Index. Source: Alternative.me
Data from cryptocurrency market intelligence firm Messari shows that a majority of the top tokens in the DeFi sector have posted double-digit gains over the past 30 days, led by THORChain (RUNE), which has increased by 199.81%, and Aave (AAVE), which has seen its price increase 53.95%
Top 12 DeFi assets. Source: Messari
Here’s a rundown of the state of DeFi as the sector attempts to get back to its former glory and kickstart a new bull run.
Value locked in DeFi is on the uptrend
Some of the best evidence for the ongoing comeback in DeFi can be found by looking at the total value locked (TVL) across the sector, which now sits at $228.05 billion according to data from Defi Llama.
Total value locked in DeFi. Source: Defi Llama
Despite the fact that many tokens remain well below their all-time highs, the TVL for the DeFi sector is only $28 billion below its previous high of $256.62 billion. This suggests that the DeFi ecosystem has continued to expand and attract value as new protocols and blockchain networks have launched over the past few months.
Data from Dune Analytics shows that the total number of DeFi users has steadily increased throughout 2022 and currently sits at a record high of 4,562,318 unique wallet addresses.
Total DeFi users over time. Source: Dune Analytics
One subsector of the DeFi market that has yet to really see a reversal in its downtrend has been the levels of activity on decentralized exchanges (DEXes), which is currently at its lowest point since July 2021.
Weekly DEX volume. Source: Dune Analytics
While it appears as though traders haven’t been too eager to swap tokens in the current environment, data from Token Terminal shows that they have been active in other areas of the market with the revenue generated by the top apps on the uptrend since bottoming in February.
Top dApps based on daily total revenue. Source: Token Terminal
OpenSea and LooksRare NFT marketplaces have been the top-performing decentralized applications (dApps) by revenue over the past couple of months, followed by Uniswap (UNI), Convex Finance (CVX) and PancakeSwap (CAKE).
The overall cryptocurrency market cap now stands at $2.151 trillion and Bitcoin’s dominance rate is 41.7%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
On Wednesday, DeFi Technologies announced that its subsidiary Valour reached $274.2 million in assets under management. The company offers various cryptocurrency-denominated exchange-traded products, or ETPs, listed on European exchanges.
Cointelegraph previously reported that Valour launchedtwo such ETPs involving Uniswap (UNI) and Polkadot (DOT) last year. For each exchange-traded product of Valour that is bought and sold on the stock exchange, Valour purchases or sells the equivalent amount of the underlying digital assets. Some of the ETPs do not charge management fees.
The firm’s ETPs include $95.2 million in BTC Zero, $67.4 million in ETH Zero, $43.4 million in ADA Valour, $24.4 million in Valour DOT, $38.5 million in SOL Valour, and a small number of funds in Uniswap (UNI), Terra (LUNA) and Avalanche (AVAX). The total sum represents a growth of 91% compared to its total AUM of $143.5 million in May of last year. Regarding the development, Russell Starr, CEO of DeFi Technologies, commented:
“Our team has done a tremendous job of planting seeds for future growth by launching eight ETPs across several exchanges in Europe that enable individuals and institutions to invest in digital assets. […] We are very excited about the company’s growth trajectory.”
DeFi Technologies seeks to facilitate investors’ access to namesake decentralized finance via its ETPs, venture investment and infrastructure arm, which provides governance for blockchain networks to run independent nodes. Its shares are publicly traded on Canada’s NEO Exchange.
The decentralized finance (DeFi) market has been undergoing a period of maturation over the past year and many of last year’s fast risers have faded into obscurity but this does not mean the formerly “famous” protocols have not continued to build.
One blue-chip project that is regaining momentum is Aave (AAVE), a non-custodial liquidity protocol that allows users to lend, borrow or stake their assets to earn yield from their holdings.
Data from Cointelegraph Markets Pro and TradingView shows that the price of AAVE has rallied 110% from a low of $114 on March 15 to a daily high at $242 on March 29 as its 24-hour trading volume spiked 442% to $1.26 billion.
AAVE/USDT 4-hour chart. Source: TradingView
Three reasons for the price resurgence in AAVE have been the release of AAVE v3, the expansion of the protocol’s ecosystem and steadily improving fundamentals.
AAVE v3
Traders have long anticipated the release of Aave v3 which was announced on March 16.
1/ Aave V3 is here! The most powerful version of the Aave Protocol to date, V3 brings groundbreaking new features than span from increased capital efficiency to enhanced decentralization. Read what’s new in V3 in the thread belowor visit https://t.co/H3jTyKRqNs to dive in! pic.twitter.com/LXzn7660nA
According to Aave, the new features will help provide greater capital efficiency, increased security and cross-chain functionality, while also helping to promote decentralization across the DeFi ecosystem.
Some of the new features include portals, which offer only “permit listed” bridge protocols that have been approved by Aave governance to facilitate cross-chain transactions, a high-efficiency mode (E-Mode) that allows users to extract the most out of their collateral by providing a higher borrowing power within the same asset category and an isolation mode which limits the available collateral for newly listed assets as a way to help limit exposure and risks to the protocol.
Aave v3 is currently deployed on Polygon, Fantom, Avalanche, Arbitrum, Optimism and Harmony, with more integrations planned in the future.
Ecosystem expansion
A second factor bringing fresh momentum to AAVE has been the expansion of the Aave ecosystem, which includes launching on new networks and forming partnerships and integrations with other DeFi protocols.
On top of now being available on seven different networks, Aave continues to explore new networks to launch on, including Metis.
Aave has also seen an uptick in support from wallet providers and Web3 aggregators, including Instadapp, Debank, 1inch, Paraswap, Zapper, DeFisaver and Zerion.
A third sign of the building strength for Aave can be found by looking at the community behind the protocol, which has continued to see new users onboard into the ecosystem despite the wider struggles of the DeFi sector.
Total Aave users over time. Source: Dune Analytics
According to data from Dune Analytics, there are now more than 92,000 unique wallet addresses that have engaged with the AAVE protocol. With the number of chains supported by Aave continuing to increase, there is a strong possibility that this number will rise further in the future.
As a result of new users and the addition of support for new chains, the total value locked (TVL) on the protocol is once again on the rise and currently sits at $13.99 billion according to data from DeFi Llama.
Total value locked on Aave. Source: Defi Llama.
The recent addition of support for liquid staking assets such as stETH from Lido Finance has also helped boost the TVL on AAVE, possibly because ETH stakers are looking to maximize their return.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AAVE on March 24, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for AAVE climbed to a high of 73 on March 24, around one hour before the price began to increase 45.8% over the next five days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Bitcoin’s (BTC) rally is taking a breather near the 200-day simple moving average (SMA) and that has resulted in what is either a minor pullback or consolidation in BTC and select altcoins.
In the last few days, Terraform Labs has been on a Bitcoin buying spree. The wallet address, which has been speculated to be that of Terra, received $139 million worth of Bitcoin on March 30, taking its total to about $1.5 billion in BTC.
With Terra breathing down its neck, MicroStrategy seems to have taken up the challenge. The business intelligence firm’s subsidiary MacroStrategy has secured a $205 million loan from Silvergate, which will be used to purchase Bitcoin, cover general corporate expenses and pay the necessary fees and interest on the loan.
The buying interest is not limited to the two companies. CoinShares data showed that institutional investors pumped in $193 million into digital asset investment products last week, the largest inflow since early December 2021.
With institutional investors buying in large quantities, could Bitcoin and the major altcoins break above their overhead resistance levels? Let’s study the charts of the top 10 cryptocurrencies to find out.
BTC/USDT
Bitcoin rose to the 200-day SMA ($48,288) on March 28 but the bulls could not push the price above it. The buyers again tried to clear the overhead hurdle on March 29 but failed.
BTC/USDT daily chart. Source: TradingView
The bears will now try to pull the price to the immediate support at $45,400. If the price rebounds off this support, the bulls will again attempt to thrust the BTC/USDT pair above the 200-day SMA. If they succeed, the pair could start its journey to $52,000.
The rising 20-day exponential moving average (EMA) ($43,531) and the relative strength index (RSI) near the overbought zone indicate that bulls are in control.
This positive view will invalidate if the price turns down and plummets below the 20-day EMA. If that happens, the pair could extend its stay inside the ascending channel for a few more days.
ETH/USDT
Ether (ETH) broke and closed above the overhead resistance at $3,411 on March 29 but the bulls could not clear the obstacle at the 200-day SMA ($3,488). This indicates that bears have not yet given up and are attempting to stall the recovery at the 200-day SMA.
ETH/USDT daily chart. Source: TradingView
If the price sustains below $3,411, the bears will try to pull the ETH/USDT pair to the 20-day EMA ($3,042). A strong rebound off this level will suggest that the sentiment has turned positive and traders are buying on dips.
The bulls will then again try to propel the price above the 200-day SMA. If they succeed, the pair could rally toward $4,000.
Contrary to this assumption, if the price breaks below the 20-day EMA, it will suggest that the traders may be rushing to the exit. That could pull the pair down to the 50-day SMA ($2,853).
BNB/USDT
BNB tight range trading between $425 and $445 has resolved to the upside, indicating that bulls have absorbed the supply and are trying to gain the upper hand.
BNB/USDT daily chart. Source: TradingView
The upsloping 20-day EMA ($409) and the RSI in the overbought territory indicate that bulls are in control. If they sustain the price above $445, the BNB/USDT pair could rise to the 200-day SMA ($467) and later to $500.
Conversely, if the price turns down and breaks below $425, the pair could drop to the 20-day EMA. This is an important level to keep an eye on because a break and close below it will suggest that the bullish momentum has weakened. The pair could then oscillate between $350 and $445 for a few more days.
XRP/USDT
Ripple (XRP) broke above the overhead resistance at $0.91 on March 28 but the bears did not allow the price to sustain the higher levels. This indicates that the bears are aggressively defending the zone between $0.91 and $1.
XRP/USDT daily chart. Source: TradingView
The bulls are attempting to sustain the price above $0.86. If they succeed, the XRP/USDT pair could again rise to $0.91. A break and close above this level could open the doors for a possible rally to the psychological level at $1.
Conversely, if the price sustains below $0.86, the bears will attempt to pull the pair below the moving averages. If they manage to do that, it will suggest that the bullish momentum has weakened. The pair could then drop to $0.70.
ADA/USDT
Cardano (ADA) is facing resistance at $1.26 as seen from the long wick on the candlestick on March 28 and 29. A minor positive is that the bulls have not given up much ground.
ADA/USDT daily chart. Source: TradingView
The upsloping 20-day EMA ($1) and the RSI in the overbought territory indicate that the path of least resistance is to the upside. If buyers propel and sustain the price above $1.26, the ADA/USDT pair could rise to the 200-day SMA ($1.51) and thereafter rally to $1.60.
Alternatively, if the price turns down from the current level and breaks below $1.15, the bears will try to pull the pair to the 20-day EMA. This is an important level to watch out for because a break and close below it could sink the pair to $0.74.
LUNA/USDT
Terra’s LUNA token broke and closed above the overhead resistance at $96 on March 28. Although the long wick on the day’s candlestick showed selling near $100, the bulls did not allow the price to break back below $96.
LUNA/USDT daily chart. Source: TradingView
The buying resumed on March 29 and the bulls thrust the price above the all-time high at $105. If bulls sustain the price above $105, the buying momentum could pick up and the LUNA/USDT pair may rally to $115 and later to $125.
A minor negative is that the RSI is showing signs of forming a negative divergence. If the price breaks and sustains below $105, the pair could drop to $96. This is an important support for the bulls to defend because a break and close below it could aggravate selling. The pair could then drop to the 50-day SMA ($78).
SOL/USDT
After sustaining above $106 for the past two days, Solana (SOL) has risen above the overhead resistance at $122, indicating strong buying by the bulls.
SOL/USDT daily chart. Source: TradingView
If buyers sustain the price above $122, the SOL/USDT pair could start a new uptrend, which could reach the 200-day SMA ($150). This level is likely to act as a stiff resistance but if bulls overcome it, the rally could reach $180.
Contrary to this assumption, if the price turns down from the current level and breaks below $106, it will suggest that the break above $122 may have been a bull trap. The pair could then drop to the moving averages and remain stuck between $81 and $122 for a few more days.
The long wick on the candlestick of the past two days shows that bears are defending the level at $98. However, a minor positive is that the bulls have not allowed Avalanche (AVAX) to drop to the 20-day EMA ($85). This suggests that the traders are in no hurry to exit their positions.
AVAX/USDT daily chart. Source: TradingView
The rising 20-day EMA and the RSI in the positive territory indicate that bulls are in control. If buyers thrust the price above the $98 to $100 resistance zone, the AVAX/USDT pair could pick up momentum and rally to $120.
This positive view will invalidate in the short term if bears sink and sustain the price below the 50-day SMA ($81). Such a move will suggest that the pair could extend its stay inside the $65 to $98 range for a few more days.
DOT/USDT
Polkadot (DOT) has been facing stiff resistance at $23 for the past three days but a positive sign is that the bulls have not ceded ground to the bears. This suggests that the bulls expect a break above the overhead resistance.
DOT/USDT daily chart. Source: TradingView
The 20-day EMA ($20) is sloping up and the RSI is in the positive zone, indicating that the path of least resistance is to the upside. If bulls drive and sustain the price above $23, the DOT/USDT pair could pick up momentum and rally to the 200-day SMA ($29).
Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that the bullish momentum may have weakened. That could keep the pair range-bound between $16 and $23 for the next few days.
DOGE/USDT
Dogecoin (DOGE) rose above $0.15 on March 28 but the long wick on the day’s candlestick suggests that bears are selling at higher levels.
DOGE/USDT daily chart. Source: TradingView
The moving averages have completed a bullish crossover and the RSI is in the positive territory, indicating that bulls have the upper hand. If the price turns up from the current level and breaks above $0.15, the DOGE/USDT pair could rally to the overhead resistance at $0.17 where the bears may again mount a strong defense.
Contrary to this assumption, if the price continues lower and breaks below the moving averages, it will suggest that the pair may spend some more time inside the range between $0.17 and $0.10.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Nonfungible tokens (NFT) continue to make waves in mainstream media, with projects such as “Bored Ape Yacht Club” no more pertinent an example of the potential of the space. Some of the biggest names in Hollywood are proud owners of Bored Ape NFT avatars, which has no doubt driven interest and prices for Bored Ape NFTs.
The success of the “Bored Ape Yacht Club” (BAYC) NFT collection sparked the creation of an NFT ecosystem powered by its proprietary ApeCoin token, which has seen significant gains in recent weeks.
Before we delve into the ApeCoin-powered universe that is coming to fruition, it’s worth revisiting what “Bored Ape Yacht Club” is and how the Ethereum-based NFT collection exploded in popularity.
Dawn of the Apes
BAYC is the brainchild of Yuga Labs, a Web3 marketing firm that dreamed up an exclusive NFT collection made up of 10,000 programmatically generated Bored Ape digital collectibles.
The results were pretty incredible, with so many different combinations made from the 170 traits that could be thrown into the mix leading to a wide variety of Bored Ape avatars.
“Bored Ape Yacht Club” went live to the public in April 2021, with a pre-sale of 10,000 digitally verifiable Bored Ape NFT avatars selling for 0.08 Ether (ETH) each, worth around $190 at the time. All 10,000 NFTs were sold over the space of a week, leaving newcomers to have to purchase Bored Apes off NFT platforms like OpenSea.
The NFTs also serve as a membership card to the BAYC ecosystem as well as giving access to membership-only benefits, which we’ll delve into below. Needless to say, it’s been a hit, with Hollywood A-listers to the NBA’s best forking out large sums to own a BAYC NFT.
As big-name celebrities such as Justin Bieber, Eminem, Paris Hilton, Snoop Dogg and Post Malone acquired their own Bored Ape avatars, prices of the NFTs soared. The cheapest Bored Ape currently listed on OpenSea costs around 85 Wrapped Ether (wETH), or $250,000. The success of BAYC spilled over to conventional markets — with renowned auctioneers Sotheby’s selling a collection of BAYC NFTs for $24.39 million in September last year.
Following BAYC’s successful launch and sale of all 10,000 NFTs, Yuga Labs created the “Mutant Ape Yacht Club” (MAYC) and “Bored Ape Kennel Club.”
BAYC NFT owners were airdropped “Mutant Serums,” which allowed them to mutate their Bored Apes into Mutant Apes NFTs, which essentially allowed for 20,000 Mutant Apes to be minted in the process. BAYC owners could also sell their serums on the Bored Ape Chemistry Club — the official marketplace for the mutation-inducing NFT serums.
Yuga Labs also gave BAYC and MAYC owners a week to claim a unique Shiba Inu-inspired dog NFT in June 2021 with the launch of the Kennel Club. Each Kennel Club NFT was randomly generated from 170 different characteristics. Owners were able to sell their Kennel Club NFTs, with 2.5% of each sale on OpenSea donated to real-world animal shelters.
ApeCoin
As the BAYC quickly gained traction and morphed into the exclusive membership ecosystem it is today, Yuga Labs turned its attention to creating a decentralized autonomous organization (DAO) that would serve as the backbone for the burgeoning community.
The Ape Foundation acts as the base layer for the ApeCoin DAO, responsible for everyday administration and project management within the ecosystem. An ecosystem fund pays Ape Foundation expenses as per directions from the DAO and acts as the infrastructure through which ApeCoin holders can participate in governance processes.
ApeCoin (APE) is the ERC-20 token used for governance and transactions within the Ape ecosystem. Holders can participate in the ApeCoin DAO, transact with other participants and gain access to exclusive ecosystem services, games events and items.
Yuga Labs has capped the supply of ApeCoin at 1 billion tokens, minted all at once, which are following a roadmap of gradual unlocks over a 48-month window. 150 million tokens were airdropped to BAYC and MAYC holders at launch, while a total of 470 million will be allocated to the DAO’s treasury and general resources for the ecosystem. 117.5 million was unlocked initially, while 7,343,750 APE will be unlocked every month over four years.
Yuga Labs received 150 million tokens, which have a 12-month lock-up before 4.1 million tokens are unlocked every month for three years. Of their total holdings, 6% will also be donated to the Jane Goodall Legacy Foundation, established by revered primatologist and conservationist Jane Goodall.
A further 140 million tokens were allocated to launch contributors with varying token minting schedules, while the four Yuga Labs and BAYC founders will share 80 million tokens. These have a 12-month lock-up, thereafter 2.2 million ApeCoin will be unlocked per month for 36 months.
ApeDrop
The ApeCoin token airdrop took place on April 17, with different amounts allocated to BAYC and MAYC holders with a bonus amount for Kennel Club members as well.
Users who only held a BAYC NFT were eligible for 10,094 APE, while Mutant Ape holders received 2,042 tokens. BAYC holders with Kennel Club companions were airdropped 10,950 APE, while MAYC holders with a Kennel Club NFT received 2,898 APE tokens.
The price of APE was valued at $39.40 per token at its launch before finding a floor at $6 per token during its first day of trading. The price of ApeCoin went as high as $17.75 the day after its launch before a gradual pullback over the next few days. ApeCoin has been on a steady uptrend toward the end of March, hovering between $13 and $14.
While it’s still the early days for ApeCoin, the undeniable triumph of BAYC and the wider ecosystem has seen interest in APE tokens surge after launch. Five days after the APE release, Yuga Labs announced that it had completed a $450-million fundraising round, which valued the company at $4 billion.
The investment is one of the largest ever made into an NFT-focused firm and suggests that the likes of venture capital firm Andreessen Horowitz, which led the fundraising round, have recognized the success and potential for further growth.
Yuga Labs also acquired the intellectual property rights to the highly successful “CryptoPunks” and “Meebits” NFT collections from Larva Labs in March as the company looks to expand its ecosystem and integrate interoperability between different projects.
With all these factors playing a role in the spotlight on the Bored Ape ecosystem, interest in ApeCoin and the various NFT projects under the Yuga Labs umbrella is likely to continue through 2022.
Data Source: Tradingview 
