ApeCoin Shed $2.5 Billion From Its Market Cap In May – Investor Appetite Fading?

The month of May’s crypto market disaster did not fail to bring down along with it one of the “rising stars” in the crypto space, ApeCoin. ApeCoin price has shown a robust performance in the face of the crippling crypto market crash. However, the bulls were still able to lift APE by about 50% higher from the coin’s low at $3.11. As of this writing, APE was trading at $4.25, up 4.1% in the last seven days, and selling just below the newly established swing high at $4.35. Suggested Reading | Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green? ApeCoin Market Cap Down By Half Thursday’s data from Coingecko indicates that ApeCoin is among the top 50 crypto assets by market capitalization, having closed May with a market value of around $1.27 billion. As a result of the decline in the value of other digital currencies, this amount appears large, but it reflects a 56 percent decline from its market value. APE’s high trading volume of $3.37 billion as of May 1 translated to a market value in excess of $4.55 billion. A high volume of liquidation by coin holders rose on May 1 and accelerated from May 9 to 13, contributing significantly to the decrease in APE’s market value. Experts say this is because of the broader geopolitical and global climate, including uncertainties in the ongoing war in Ukraine, among other factors. Factors Contributing To APE Price Decline It’...