As the 20-hour countdown began for the unlock of $40,600,000 worth of ApeCoin ($APE), Pauly0x, the founder of Not Larva Labs, took to Twitter to announce the event. He highlighted that this substantial unlock represents 11% of the coin’s total supply. The mood within the APE community is decidedly negative, indicating that this could be a turning point for the cryptocurrency.
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Community’s Bearish Outlook
A host of traders and community members had taken to Twitter to express their bearish predictions for ApeCoin. hWonderofWorld had anticipated that the coin’s value would nosedive to a fraction of its then-current worth by the time the unlock occurred. Similarly, DEREK JEEEEEET and David | DontKomply had warned of a “bloody” market and a significant “dump.”
The bearish sentiment was so pervasive that Fīzz had openly sought advice on the best platform for shorting the token. EtherealZed had called for increased liquidity on the POND exchange to facilitate the sale of his APE holdings. Paddy0999 and 7.62×39.eth were also on the bearish bandwagon, asserting that the coin’s value was set to drop and inquiring about how to short it effectively.
Looming Risk of Falling Below $1
Given the prevailing negative sentiment and the large amount of ApeCoin that was about to enter the market, there had been a growing consensus that the coin’s value could dip below the $1 threshold. This had the potential to be a defining moment for ApeCoin, and traders had been bracing for what appeared to be a volatile period ahead.
On September 17th, the APE price briefly dipped to $1.06 before rebounding to its current price of $1.16. However, considering the widespread negative sentiment that has been prevalent, traders are being advised to proceed with caution. Whether you are an investor or just watching from the sidelines, the coming days are likely to be critical for the future of $APE.
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