ApeCoin Price Continues to Slide – Is It Going to Zero? Traders Backing ChimpZee Instead

ApeCoin has endured a long-term downtrend and shows no signs of reversing, with the project down 12% in seven days.

The price has collapsed slid 2% in 24 hours and 16% in the month, pushing its market cap to $696 million.

Apecoin was earlier today priced at $1.89, its lowest price since its opening week of trading in March 2022.

Immediately after its launch, APE was in high demand, spiking to an all-time high (ATH) of $39.40 on 17 March 2022. However, the hype proved temporary, with APE embarking on a long-term downtrend since.

The ApeCoin price is down 95.2% from its ATH and continues to make new lows. APE price plunged below its lowest horizontal support in June and currently shows no signs of a recovery.

The next potential zone where buyers might take control would be around $1.2 – $1. As well as being a psychologically significant level, it is also the next support zone on the bearish trend line on the APE price chart above.

However, the bearish momentum since April 2022 means the price could downtrend further.

ApeCoin is a utility and governance token that powers the Ape ecosystem. The ecosystem comprises of the Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collections and the Otherside metaverse.

According to the ApeCoin website, the coin was created to “support what’s next”, essentially giving holders a say on Ape ecosystem developments.

Due to the nature of the ecosystem, ApeCoin is deeply intertwined with the NFT market. Recently, NFT floor prices have plummeted, with Bored Ape Yacht Club NFTs floor price dropping from 60 ETH on 12 April to 34.22 ETH today.  

This came after a group of investors formed the Azuki DAO group and filed a lawsuit against Zagabond, the Azuki founder, claiming to have been scammed following the Azuki Elementals drop in June this year. The current state of the NFT market leaves ApeCoin’s future looking bleak.

Could ChimpZee be the Next Big Ape-Themed Crypto?

While ApeCoin has been left behind in the slowly dying NFT trend, ChimpZee is a new presale token that’s capitalising on the current hot meme coin trend.

Compared to ApeCoin, ChimpZee still holds significant upside potential, having raised $800K in its presale so far. One of the most interesting aspects of the token is its unique utility.

ChimpZee is a meme coin designed to fight climate change and protect wildlife while enabling $CHIMPZ holders to earn passive rewards.So far, the project has planted 20,000 trees in Guatemala and partnered with The Giving Block, One Tree Planted and Wild.

The project boasts a long-term roadmap which shows its intended future ecosystem developments. These include a play-to-earn game, an NFT marketplace, a donations tracker, staking, CEX listings and much more.

Currently, $CHIMPZ is available to buy for $0.0007, but this will increase incrementally throughout the presale. The initial exchange offering (IEO) price is $0.00185 – a 164% increase from its current price.

Visit ChimpZee Presale