Ethereum
ApeCoin is now the most traded token among Ethereum Whales
Talking about NFT is talking about the Bored Ape Yacht Club (BAYC) collection, which has provided 145,000%+ profits for anyone who bought at the minimum price less than a year ago. Similar results are being achieved with the new token Apecoin.
ApeCoin (APE) has become the most traded token by Ethereum whales over the past 24 hours, reaching a holder count of over 36,500 wallets just 6 days after being listed on the largest cryptocurrency exchanges.
This means that the APE bet is just as important as the NFT collection per itself.
Why has ApeCoin been so successful?
As CryptoPotato recently reported, APE Coin is the native cryptocurrency of the BAYC ecosystem. Since its launch, each BAYC holder was awarded 10,094 APEs ($128,000) for each NFT they held as a reward. Those with a Mutant Ape (MAYC) received 2,042 APEs ($26,068).
In other words, they rewarded their buyers’ loyalty by giving them 62% of the total supply of APE tokens.
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.
— ApeCoin (@apecoin) March 16, 2022
On the other hand, Yuga Labs, BAYC’s parent company, will keep a total supply of 16% to continue developing new products and tools such as the game “Otherside,” which is expected to be launched by the end of 2022.
Yuga Labs also has the rights to two of the most recognizable NFT collections, CryptoPunks or Meebits, thanks to their fame on social media.
Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Similar to what we did with the MAYC and BAYC owners. pic.twitter.com/lAIKKvoEDj
— Yuga Labs (@yugalabs) March 11, 2022
The BAYC And Its Debut in Crypto Gaming
Another important factor in the success and growth of BAYC was the marketing strategy Yugal Labs used, which turned the native cryptocurrency into the token that many crypto games use for their NFT transactions.
For a secret project, Animoca Brands (a software company that develops and distributes free-to-play games) announced the adoption by ApeCoin. The day after the announcements, Yuga Labs posted a video showing the company’s star character drinking a beverage that teleports him to another world where the CryptoPunks and other NFT characters are portrayed.
See you on the Otherside in April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS
— Yuga Labs (@yugalabs) March 19, 2022
nWayPlay is another game developer who announced its partnership with BAYC in creating a new crypto-game that will adopt APE tokens and offer play to earn (P2E), functionalities to its players. The game is still not available but the high quality images suggest that there will be plenty to talk about in this ecosystem.
BAYC’s team has had a promising and demanding start to the year. We will continue to see news that will drive adoption of the project which is almost selling itself.
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Ethereum
Ethereum Foundation Sets Up Multisig Wallet for Defi Participation
Ethereum
Ethereum Price Analysis: This Support Is Crucial for Ethereum to Reach $4K
Ethereum is grappling with a decisive support range between the 100-day MA ($3.2K) and the 200-day MA ($3K), a critical region serving as the buyers’ last line of defense.
The outcome at this level is expected to shape Ethereum’s mid-term trajectory.
Technical Analysis
By Shayan
The Daily Chart
ETH recently encountered heightened volatility as it approached the significant $3.2K-$3K price range, reflecting an intense battle between buyers and sellers. The price action highlights sellers’ attempts to push the asset below these key moving averages, signaling a potential bearish breakdown.
Currently, Ethereum is finding temporary support within this range, with the price confined between the $3.2K level and the bullish flag’s upper boundary. A decisive breakout in either direction is likely to determine the next major trend for Ethereum.
The 4-Hour Chart
On the 4-hour chart, Ethereum consolidated near the 0.5 ($3.2K) and 0.618 ($3K) Fibonacci retracement levels before briefly breaking below this critical support zone. However, strong buying interest quickly drove the asset back above the $3.2K mark.
This region remains pivotal as it represents the final primary support zone for buyers. A sustained hold above the $3.2K level could reignite bullish momentum, targeting a recovery toward higher resistance lines.
Conversely, a breakdown below this range could trigger liquidations, potentially driving the price toward the $2.5K support zone. For now, Ethereum is consolidating near this critical region, with a battle between buyers and sellers dictating the market’s next move.
Onchain Analysis
By Shayan
The Binance liquidation heatmap provides insights into key levels where significant liquidation events are likely. Based on the clustering of liquidation levels for long and short positions, these levels often act as magnets, driving price action toward them as market participants aim to capture liquidity.
During the recent shake-off, Ethereum grabbed liquidity at the $3K mark, resulting in a sharp price recovery. A notable cluster of wrecked levels still exists just below the critical $3K support, representing long-position liquidations. This makes the $3K area highly attractive to bears and institutional sellers, increasing the probability of a bearish breakout toward these levels in the mid-term.
However, a significant liquidity pool also rests at the $4K threshold, marking a potential ultimate target for buyers. However, it is likely that the price may grab liquidity below $3K first, creating a shakeout phase before resuming a bullish trajectory toward $4K. While Ethereum’s current price action reflects consolidation, the $3K level remains pivotal. A bearish breakout to capture liquidity below $3K is plausible in the short-to-mid term.
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Cryptocurrency charts by TradingView.
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