The market cap of ApeCoin dropped by $2.5 billion in May- Is investor interest waning?
One of the “rising stars” in the cryptocurrency industry, ApeCoin, was unavoidably brought down by the crypto market collapse in May. In spite of the devastating crypto market fall, ApeCoin’s price has performed well. The bulls were nevertheless able to increase APE from the coin’s low point of $3.11 by almost 50%. APE was trading at $4.25 as of this writing, up 4.1 per cent over the previous week, and selling just below the recently made swing high of $4.35. According to Coingecko data released on Thursday, ApeCoin, which had a market value of over $1.27 billion at the end of May, is one of the top 50 crypto assets by market capitalization. This sum appears substantial given the reduction in the value of other digital currencies, yet it represents a 56 percent decrease from its market value. APE has a market value of more than $4.55 billion as of May 1 thanks to its strong trading volume of $3.37 billion.
The market value of APE was dramatically reduced as a result of coin holders starting to dump a sizeable portion of their coins on May 1. This process accelerated from May 9 to May 13, when it picked up speed. The general geopolitical and global context, which includes uncertainties relating to the ongoing situation in Ukraine among other things, is to blame, say experts. Not just the cryptocurrency industry, but all industries as a whole, are in bad shape. A recession is approaching, interest rates are rising, the cost of living is soaring, and inflation is out of control. The US S&P 500 is presently in a bear market, and stock markets are brittle.
APE was unable to recover after losing more than one-fifth of its value on the first trading day of the month, and it fell for the remainder of May, hitting new lows. APE started trading on May 1 at $20.02; on May 1, it reached a monthly high of $20.04; on May 11, it reached a monthly low of $5.25; and on May 31, it reached a monthly high of $6.76.
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