Apecoin May Survive the $16.7 Million Token Unlock
Apecoin lost 3.2% to $1.06 after cliff token unlock on October 17. The token has successfully survived the “fake” news of first spot Bitcoin-ETF approval too. The token even posted some gains on the news. However, the cliff token unlock of $16.7 million send token prices down to test the $1.00 support level. The unlock released about 4.2% of the tokens offering. The tokens went to the Yuga Labs ecosystem and its founder, charity, treasury, and to the launch contributors. The last ones could be responsible for flooding the market with extra tokens. Despite the expected cliff token unlock the wale with a nickname Machi Big Brother continued to accumulate Apecoins. He bought around $7.4 million tokens in the recent two months. Together with the marketing efforts of Yuga Labs and Apecoin team, this could provide extra support for the token. So, token prices are likely to survive above $1.00 level.
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