The Rise of ApeCoin
As an avid cryptocurrency enthusiast, I always keep an eye on the latest trends and developments in the industry. One project that has caught my attention recently is ApeCoin. A relatively new cryptocurrency that has experienced exponential growth and huge fall on CoinMarketCap.
In this article, I will take a closer look at ApeCoin’s success on CoinMarketCap, but won’t finish on it.
I take a look for its marketing strategies, community engagement, partnerships, and collaborations, as well as its future outlook in the crypto market.
Let’s get jobs done!
Introduction to ApeCoin
ApeCoin is a community-driven cryptocurrency that started in April 2021. It is built on the Binance Smart Chain and aims to create a decentralized ecosystem for the gaming and art industries.
Since its launch, ApeCoin has experienced a remarkable growth rate, with its market cap reaching over $200 million in just a few months.
One of the reasons for ApeCoin’s success is its listing on CoinMarketCap, which is the world’s leading cryptocurrency data tracking website.
CoinMarketCap provides real-time market data, charts, and other relevant information on cryptocurrencies, making it a crucial tool for investors and traders. ApeCoin’s listing on CoinMarketCap has given it exposure to a wider audience, which has resulted in increased trading volume and price appreciation.
Wirex presented only facts about the token.
Indeed, ApeCoin is one of the most popular NFTs in the entire industry.
It is part of the Bored Ape Yacht Club ecosystem, which also contributed to the token’s success.
But was it ultimately a success? After reading this article, please judge it for yourself.
CoinMarketCap and Crypto Industry
CoinMarketCap was founded in 2013 and has since become the go-to platform for tracking cryptocurrency prices, market capitalizations, trading volumes, and other essential data. The platform aggregates data from various cryptocurrency exchanges and presents it in an easy-to-understand format.
CoinMarketCap’s impact on the crypto industry cannot be overstated.
It has become a valuable resource for investors, traders, and developers who want to stay up-to-date with the latest market trends. CoinMarketCap also provides a platform for new projects like ApeCoin to gain visibility and attract investors.
CoinMarketCap is one of the first platforms to analyze the cryptocurrency market.
Without a doubt, CoinMarketCap has built a great reputation in the world of blockchain industry analytics.
ApeCoin’s Market Performance
ApeCoin’s market performance on CoinMarketCap has been nothing short of remarkable.
Since its listing on the platform, ApeCoin has consistently ranked among the top-performing cryptocurrencies in terms of market cap, trading volume, and price appreciation.
As of August 2021, ApeCoin’s market cap is over $200 million, with a trading volume of over $10 million. Its price has also experienced significant growth. ApeCoin’s impressive market performance can be attributed to its strong community support, marketing strategies, and partnerships.
Almost 3 years have passed since then and the current price is over $1 per unit.
I will describe more about how much has happened during these 3 years in another section of Price in Depth.
Either way, the current capitalization is $663 million.
The price is still in a downward trend. Is this the end of dreams of ApeCoin’s success?
Before I answer these and other questions, I will take a look at the marketing strategy and activities promoting the coin to see how in just a few months the price exploded to levels close to $24 per unit.
Let’s remember that the starting price was at the same level as memecoins.
Analysis of ApeCoin’s Marketing Strategies
ApeCoin’s marketing strategies have been effective in promoting the project and attracting investors. The project’s marketing team has leveraged social media platforms like Twitter (actual X), Reddit, and Telegram to create awareness and engage with the community.
One of the standout marketing strategies employed by ApeCoin is its use of memes and humor.
The project’s social media accounts are filled with funny and relatable memes that resonate with the crypto community. ApeCoin’s marketing team has also created unique branding and merchandise, such as t-shirts, stickers, and hats, which have helped to create a sense of community around the project.
Social Media Presence
ApeCoin’s success can be attributed to its strong community support. The project has a dedicated community of supporters who are actively engaged in promoting the project and its vision.
ApeCoin’s social media presence is also impressive, with active accounts on Twitter, Reddit, Telegram, and Discord.
The project’s social media accounts are updated regularly with news, updates, and engaging content.
The team also interacts with the community, responding to questions and feedback, which has helped to build trust and loyalty among supporters.
ApeCoin’s Partnerships and Collaborations
ApeCoin has formed partnerships and collaborations with other projects in the crypto industry.
One notable partnership is with the popular NFT marketplace, OpenSea. ApeCoin holders can use their tokens to purchase exclusive NFTs on OpenSea, which has helped to increase demand for the project’s tokens.
ApeCoin has also collaborated with other projects on the Binance Smart Chain, such as SafeMoon and Baby Doge Coin.
These collaborations have helped to create a sense of community and fostered collaborations that benefit all projects involved.
ApeCoin has established many very powerful collaborations and the involvement of many influential people in promoting the token. What is the end result?
Well, many would say it’s huge. And if you look at it in retrospect, it really looks like a pump and dump project.
Before I release the final result, I will take a closer look at the token.
The Role of Influencers in ApeCoin’s Success
Influencers have played a significant role in ApeCoin’s success.
The project has gained the support of several influential figures in the crypto industry, such as BitBoy Crypto, CryptoWendyO, and The Crypto Lark.
These influencers have helped to promote the project to their followers, increasing awareness and driving demand for the project’s tokens.
What does it remind you of?
The model itself was built like a pyramid, but I will not give a verdict on the assessment of the project yet.
At the very top there are often entrepreneurs and a team that advertises the project.
This is nothing extraordinary, but what does the price assessment look like in depth.
Read below.
ApeCoin Price in Depth
In the case of ApeCoin, there was a boom and a bear market.
As you can see, another bull market has not yet returned to the market for this token.
1st Bull Market
As I mentioned earlier, the price skyrocketed in just a few months.
In a short time, I mean a few months, but still the price increased very quickly. The market capitalization itself also increased.
How to explain this? Probably only marketing and influencer activities. Well, it worked.
As of March 2022, the price starts at $8.54 per unit at April 26.70.
Here the price is not behaving wild at all, but before it reached the ceiling of 8.54 it was in a strong upward trend.
Even exponential. This is not visible on the chart.
However, remember the rule that what grows very dynamically falls even faster.
And that’s exactly what happened with the ApeCoin price.
1st Bear Market
In fact, there is a constant bear market on this token. At times it might seem that the price is entering a sideways trend, because the decline has stopped.
Anyway, from 26.70 it’s down to $1 per unit. Well… The bear market itself has been well over 2 years.
Please draw your own conclusions.
Only one thing comes to mind: a project to test how much the market can be inflated.
Well, I forgot that the project is also closely related to the NFT trend, and there is no news of a boom in NFTs. Not now.
ApeCoin and Other Cryptocurrencies
ApeCoin’s success can be compared to other cryptocurrencies on CoinMarketCap.
While there are several projects that have experienced significant growth, ApeCoin’s rapid rise is impressive, given its relatively short time in the market.
ApeCoin’s focus on the gaming and art industries is unique, and this has helped to differentiate it from other projects.
The project’s strong community support, marketing strategies, and partnerships have also contributed to its success.
The projects that ApeCoin can be compared to are Axie Infinity, Magic or Immutable X.
Indeed, ApeCoin’s comparison with its gaming competitors looks unfavourable for ApeCoin. Of course Immutable X and Axie Infinity looks the best. ApeCoin itself looks like a project still in the making, but it is not known how long the fire will burn in it. In my opinion, not for long.
Future Outlook for ApeCoin
ApeCoin’s future outlook is gives a lot to think about, and let me tell you why.
The project has a strong community and has made significant progress in achieving its goals. The team has several upcoming developments, such as the launch of its NFT marketplace and partnerships with prominent gaming companies, which could increase demand for the project’s tokens.
The crypto market’s future outlook is also positive. Several developments in the pipeline, such as the adoption of blockchain technology by major institutions and the emergence of new use cases for cryptocurrencies.
However, it’s time to look at investor behaviour around the coin. I will be very critical and brutally honest in my assessment here.
The price of the coin has fallen by almost 99.5% since its peak and…
After 2 years, it is still in a downward trend. All the marketing hype disappeared and the coin stuck at levels of $1 per unit.
Isn’t this behaviour similar to that of the pump and dump mechanism?
It is certainly not a swindling token, because it has a strong fan base, but these foundations are still missing.
In fact, their lack is the reason why prices fluctuate so much and you don’t really know what to expect. Well, what?
ApeCoin Price
The price has been in a downward trend for 2 years.
Has NFT been inflated too much?
Many cryptocurrencies, even with smaller market capitalizations, are in a sideways or slight upward trend after 2 years.
For example, I will give DogeCoin or ShibaInu, which are well-known memecoins.
Possibly, but what does it look like with market capitalization?
ApeCoin Marketcap
Despite a fairly significant increase in market capitalization, since October 2023 the price has returned to $1.
Let me remind you of the bottom values of this token in the bear market.
Should this be a concern? In my opinion, definitely.
Conclusion
In conclusion, ApeCoin’s success on CoinMarketCap is a testament to the project’s strong community support, marketing strategies, and partnerships.
The project’s focus on the gaming and art industries is unique, and this has helped to create a sense of community around the project.
ApeCoin’s future outlook is really big question.
I am still not see fundaments in this investment, but a lot of fun and great community behind.
Isn’t it just to little for investment?
