In the past few weeks, left, right and center offers have been offered for ApeCoin [APE]. The native token, derived from the blue-chip NFT collection, Bored Ape Yacht Club [BAYC] it was the basis of a market offer from MagicEden on August 9th.
When the proposal went live, APE’s pricing reaction didn’t lift its HODLers.
Once again another offer has appeared on the table of the Ape Decentralized Autonomous Organization (ApeDAO). But who is he this time and how is APE responding?
NFTs are rare, so why not Rarible?
Community-driven NFT market, Rarible is the latest platform to offer ApeDAO an “opportunity” to own an APE-backed NFT platform. Unlike MagicEden, Rarible’s proposal it was all about a 0% transaction fee on its cross-chain protocol.
Like MagicEden’s proposition, Rarible was offering to host the market on ApeCoin.com. However, there was something that stood out.
Rarible was ready to allow Ethereum [ETH] which currently hosts NFTs on the market if executed. While the platform believed that developing the market would increase APE usage, it also added that leaving ETH transactions on the platform would encourage buyer and seller retention.
Despite the offer, APE appears not to be bothered by any of this, again.
unprepared
While there has been a general decline in the cryptocurrency market, APE’s is unprecedented. At press time, the coin had plummeted to double digits, a drop of 14.33% in the past 24 hours, much to the chagrin of its investors.
In addition to APE, BAYC also did not react positively.
According to CryptoSlam, the collection refused 12.30% of sales volume in the last 24 hours. This decrease left the volume at $ 2.25 million, while it maintained its top position on the NFT chart.
Furthermore, APE hasn’t necessarily improved with its metrics on the chain either. Health data shown that the coin’s NFT volume in the $ 100,000 range was down from the previous day. After climbing $ 927,000 on August 17, it fell to $ 687,000 on August 18.
Source: Santimento
However, CoinMarketCap reported that there has been a 132% increase in APE volume in the past 24 hours. On the contrary, it has not yet managed to activate its price on greens. Additionally, APE investors may have to wait longer before a price hike can occur.
This is because the four-hour APE / USDT chart has revealed bearish signals from almost all angles. The 50-day exponential moving average (EMA) (yellow) held its position above the 20 EMA (blue). Likewise, the Relative Strength Index (RSI) indicated signs of bearish momentum at an extremely low level of 22.49.
Source: TradingView
At press time, ApeCoinDAO had not formally responded to the proposal but there were comments from its community. Some in support, others calling for clarity.