ApeCoin (APE), the APE ecosystem governance and utility token that was built by Yuga Labs to expand the utility of its Bored Ape Yacht Club (BAYC) collection of non-fungible tokens, has been struggling recently.
APE/USD has been unable in recent weeks to achieve a sustained pullback north of its 21-day moving average (DMA), which has been acting as resistance since April.
APE last traded near $2.20 per token, within familiar ranges over the past month.
But the token is unlikely to be able to replicate the overall positive performance seen in other parts of the crypto market, such as with bitcoin (BTC) and ether (ETH).
This is because the NFT markets, including the BAYC collection price, are performing poorly at the moment, reducing demand for the NFT-pegged APE cryptocurrency.
The underperformance of the NFT market has a lot to do with a recent drama involving a recently released Azuki NFT collection.
The creators of the Azuki NFT collection raised a staggering close to $40 million in their new release, but some big investors claimed they had been ripped off, as the newly released collection was too similar to a previous collection.
These big investors came together to form the so-called Azuki DAO (Decentralized Autonomous Organization), which they are using to pressure Azuki creators to pay them back.
The debacle is weighing on broad confidence in the NFT market, with the BAYC collection floor price recently hitting a nearly two-year low of $52,000, according to nftpricefloor.com.
That’s a decline of more than 85% from the record low price reached in April 2022 of around $370,000.
As crypto investors continue to lose confidence in NFTs, some claim that NFT-pegged cryptocurrencies like APE could soon be heading to zero.
At current levels not much above $2.0, APE is near all-time lows and is down over 90% compared to its April 2022 all-time highs in the region of $28.
This Could Be The Next Ape-Themed Crypto To Explode
While the outlook for ApeCoin is dire, things are looking up for another ape-themed crypto called Chimpzee.
Chimpzee, which has been listed by some as web3’s hottest charity project, has just moved into the sixth stage of its popular cryptocurrency presale.
Some industry watchers think the project could be the next crypto to explode.
The disruptive crypto platform, which allows its users and followers to earn a passive income while simultaneously saving animals and fighting climate change, has now raised a whopping $680,000 through sales of its $CHMPZ token.
Chimpzee’s web3 platform is set to feature a buy-to-win Chimpzee merchandise store, a trade-to-win non-fungible (NTF) token marketplace, and a play-to-win game called “Zero Tolerance”.
Chimpzee NFT Passport holders will also be able to earn returns of up to 20% APY, in addition to taking advantage of other exclusive benefits.
Investors who want to get involved in one of the most promising charitable projects in the crypto industry need to act quickly.
This is because pre-sale investors can receive up to a 300% bonus in additional $CHMPZ coins if they enter before the pre-sale reaches $750,000.
When this milestone is reached, Chimpzee will make a donation related to helping protect black jaguars.
Furthermore, in just nine days, the pre-sale will enter its seventh stage and the price of $CHMPZ will rise 4.5% from $0.00067 to $0.0007.
That means investors who jump in now can make paper gains of at least 275%, given that $CHMPZ will be listed on major exchanges later this year at a price of $0.00185.
Potential buyers should also note that when the sixth stage of pre-sale ends, investors will lose the right to purchase a Diamond Chimpzee NFT Passport, which offers the highest staking yields and best perks.
Early investors will be able to secure their Diamond Chimpzee NFT passports in an exclusive whitelisting event at the end of the pre-sale and before the public launch of the platform.
visit chimpanzee here
