ApeCoin Plummets 40% in 3 Days Despite Otherside Land Sale
ApeCoin (APEC) has been the talk of the crypto world over the last few weeks, as it recently announced a deal with Otherside to facilitate land sales within its metaverse.
Despite this news and other positive developments, ApeCoin has seen a 40% slide over the past three days. So, why did this happen? Let’s take a look at what happened and break it down.
As I was looking around, to me, what was happening in the blockchain and crypto world was a movement.
Brad Garlinghouse
The Cause of the Sell-Off
The main cause of the sell-off appears to be due to investors taking profits after a significant run-up in price. Since its inception in August 2020, APEC had grown from $0.20 USD to an all-time high of $1.90 USD on March 10th 2021 – an incredible gain of 950%. This growth led many investors to begin cashing out their holdings, leading to reduced liquidity and market pricing pressure.
The Impact on Otherside’s Metaverse Land Sale
The recent sell-off has had no impact on Otherside’s land sale plans. The sale is still expected to go ahead as planned, with APEC remaining as one of the accepted methods for payment. This could be seen as a positive for prospective buyers; with APEC falling by 40%, buyers have more purchasing power than ever before when using APEC for their purchase.
What’s Next for ApeCoin?
It is difficult to predict what will happen next for ApeCoin; however, given that most of the recent sell-off appears to have been profit taking from long term investors rather than panic selling from day traders or speculators, we may soon see some stabilization in prices and possibly even some recovery back up towards previous levels once again. We may see further growth if more positive news comes out about Otherside’s metaverse or other potential partnerships that involve ApeCoin payments/utility tokens/NFTs etc…
Final Conclusion:
It is clear that there are still plenty of opportunities available for those who are looking to get involved with ApeCoin at these current prices. While it is impossible to predict what will happen next with any degree of certainty, there are still plenty of reasons why one should remain optimistic about ApeCoin’s future prospects – especially given its involvement in such promising projects like Otherside’s metaverse land sale! For crypto enthusiasts looking for an exciting altcoin investment opportunity then, now might just be the perfect time!
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