ApeCoin [APE] reacts this way as Yuga Labs dives into the Ordinals

  • Yuga will auction its newest NFT on the Bitcoin blockchain.
  • However, Ape Coin did not react to the news as the price continued to fall.

In the early hours of February 28th, Yuga Labs announced that it would launch its own NFTs based on Ordinals in Bitcoin [BTC] blockchain. As a result, there has been a significant rise in Ordinals inscriptions, which have become popular among NFT fans.

Read ApeCoin’s [APE] Price Forecast 2023-24

According to Yuga Labs, which owns ApeCoin [APE] As an inherent feature, the idea behind the line is rooted in mathematical concepts like time and the Bitcoin blockchain. As Yuga explains, the 12×12 grid at the center of his TwelveFold art system is a visual metaphor for the data mapping of the Bitcoin blockchain.

As part of the TwelveFold collection, which will be auctioned later this week, Yuga Labs will unveil 300 computer-generated works of art.

So, in all this, how did the ecosystem token, ApeCoin, react?

Active steering sees slight response as volume remains the same

From the beginning, there was a response to Yuga Labs’ announcement. The 24-hour active address measure at Santiment revealed a slight increase as of this writing.

Prior to today, ApeCoin’s chart was showing a drop in activity, while more recent moves revealed that more addresses were active. Over 4,500 active addresses were visible as of this writing.

Active ApeCoin address

Source: Santiment

There wasn’t much of a response when we looked at the Santiment volume measurement. The volume it saw at the time of writing was about 93.67 million. While that may seem like a lot of volumes, the days it logged over 400 million makes it seem like a pittance. In addition, the overall forecast showed a decline in sales volume in recent weeks, not an increase.

ApeCoin Vol

Source: Santiment

ApeCoin continues the bear trend

The daily time frame chart for ApeCoin revealed that it was trading at around $4.9 at the time of writing. However, it was trading down around 1.3%, bringing the loss over the previous 48 hours to around 5%.

Yuga (APE) Price Movement.

Source: TradingView

The chart also showed that the short-term moving average (yellow line) had changed from support to resistance. As a result, the resistance level was between $5.3 and $5.9. However, the long moving average, which could be seen around $4.9 and $4.7, acted as support for the price action.

How much are 1,10,100 APE worth today?

Also, the Relative Strength Indicator shows that the token has entered a bearish trend. As of this writing, the RSI line had dropped below the neutral line and appeared to be continuing to do so.

Yuga’s recent statement had no effect on ApeCoin based on the observed price change. There could, however, be some upward moves from the token as the auction day approaches.

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