ApeCoin, a decentralized cryptocurrency that operates on the Ethereum blockchain, recently announced a 1-month linear unlock of 4% of its total token supply.

ApeCoin, APE on the ticker, is the Yuga Labs cryptocurrency. APE connects with Bored Ape, Mutant Ape and Otherdeed communities.

In January, ApeCoin (APE) had an underwhelming performance compared to metaverse-based tokens like Decentraland (MANA) and The Sandbox (SAND). APE token gained 61% compared to the 90% and 150% respective gains seen in SAND and MANA. The subdued gains can be attributed to the hefty APE staking rewards that is likely creating some selling pressure.

ApeCoin [APE] has been experiencing selling pressure for quite a few days, as was evident from its recent price action. According to CoinMarketCap, APE registered over 14% decline in its price over the last seven days, and at the time of writing, it was trading at $5.05 with a market capitalization of over $1.86 billion. Interestingly, Lookonchain revealed that APE’s buying and staking were on the rise since the collusion months of 2022. 

Yuga Labs has launched a new game that has taken the NFT world by storm. According to Delphi Digital, players have spent over two million dollars on the company’s new title, making it one of the most successful game launches in the NFT world.

In the wake of the success of the Bored Apes, ApeCoin (APE) launched, and an unprecedented crypto windfall stunned the cryptoverse, where every holder of a BAYC NFT could claim over $100,000 in ApeCoin (APE).

ApeCoin may have hit a local top after a steady climb of 78% over the past six weeks, according to Santiment Analytics.

Token unlocks are scheduled for February will release $588.4 million worth of tokens into circulation, according to data from Token Unlocks.

ApeCoin [APE] has been oscillating between $5.386 and $6.000 since 22 January. But it broke above the range and reached $6.410 after BTC surged to $23.8K. 

The Bored Ape Yacht Club NFT collection has been the target of an exploit this January 20th. FranklinIsbored, one of the biggest holders of BAYC NFTs, is targeted with an exploit of OpenSea’s stolen ApeCoin policy which allowed the attacker to sell a marked Bored Ape.