ApeCoin Shed $2.5 Billion From Its Market Cap In May – Investor Appetite Fading?

Christian Encila

Last Updated: June 23, 2022 8:08 am

2 mins read

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The month of May’s crypto market disaster did not fail to bring down along with it one of the “rising stars” in the crypto space, ApeCoin.

ApeCoin price has shown a robust performance in the face of the crippling crypto market crash. However, the bulls were still able to lift APE by about 50% higher from the coin’s low at $3.11.

As of this writing, APE was trading at $4.25, up 4.1% in the last seven days, and selling just below the newly established swing high at $4.35.

ApeCoin Market Cap Down By Half

Thursday’s data from Coingecko indicates that ApeCoin is among the top 50 crypto assets by market capitalization, having closed May with a market value of around $1.27 billion.

As a result of the decline in the value of other digital currencies, this amount appears large, but it reflects a 56 percent decline from its market value. APE’s high trading volume of $3.37 billion as of May 1 translated to a market value in excess of $4.55 billion.

A high volume of liquidation by coin holders rose on May 1 and accelerated from May 9 to 13, contributing significantly to the decrease in APE’s market value.

Experts say this is because of the broader geopolitical and global climate, including uncertainties in the ongoing war in Ukraine, among other factors.

Factors Contributing To APE Price Decline

It’s not just in the crypto field that things are not looking bright. Living expenses are growing, interest rates are rising, a recession is approaching, and inflation is skyrocketing. The US S&P 500 is currently in a bear market, and stock markets are shaky as well.

APE total market cap at $1.27 billion on the daily chart | Source: TradingView.com

According to a number of market analysts, these are some of the causes chipping away at the value of APE.

On May 1, APE began at $20.02, achieved an intraday high of $20.04, dropped 21 percent to an intraday low of $15.69, and ended at $15.97.

As a result of losing more than one-fifth of its value on the first trading day of the month, APE was unable to recover and continued to fall throughout the rest of May, reaching new lows.

APE began trading on May 1 at $20.02, achieved a monthly top of $20.04 on the same day, hit a monthly low of $5.25 on May 11, and finished the month at $6.76.

This represents a 66 percent decline between the opening and closing prices of APE in May.

Featured image from Gravitate.news, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.