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ApeCoin Review: Is it legit, safe and trustworthy for UAE citizens and residents?

ApeCoin was recently introduced as the governing token for the APE crypto ecosystem, which has since gone on to provide its users with a variety of useful services. The APE ecosystem is primarily concerned with the growth of communities as well as rewarding development activity directed toward the metaverse. The ApeCoin will serve as a decentralized protocol layer for all of the work that is being done by this community, and it will propel the metaculture forward. Aside from these two phrases, the foundation is working to put into action the decisions that have been made by its DAO, which stands for decentralized autonomous organization. A community-driven blockchain ecosystem that bases its decisions in a decentralized way is significantly aided by the incorporation of DAO, which has emerged as a key component.

To comply with the instructions given by the APE DAO on the payment of expenditures, the APE Foundation makes use of its ecosystem fund, which is managed via a multi-sig wallet. In addition to this, it provides an infrastructure for holders of ApeCoin to work together in order to improve the governance procedures. The APE DAO membership is open to everyone who has ApeCoin; this is done on an automated basis. Only 31 percent of the one billion coins have been released into circulation since its inception on March 17, 2022; however, this number is expected to continue growing at regular intervals over the course of the following 48 months.

Apecoin may be broken down into its most fundamental form, which is that of an ERC-20 token that is backed by the proof of work protocol of Ethereum (POW).  APE coins are tradable and can be purchased on swap exchanges including as Binance, Houbi, Coinbase, and KuCoin, amongst others.

The momentum of ApeCoin is based on just one week of price activity, which only gives limited insights on buyer mood and the potential of the market from a technical perspective. Chart Providing an Analysis on the ApeCoin Price As can be seen from the technical data, the price sentiment across hourly charts indicates the strength and determination of buyers to obtain some ApeCoin. This can be inferred from the fact that the buyers want to get their hands on the cryptocurrency. The fact that the price has fallen from its peak of $16 on the second day of its introduction to its current level of $9 demonstrates that there is continued demand among purchasers to take part in this community-focused decentralized development environment. The price of ApeCoin has increased by more than 48 percent in only three days, reflecting steady rises in the double-digit percentage range.



The attitude ultimately improves as prices rise higher, but the momentum on ApeCoin continues to point in the optimistic direction. Investing in this ecosystem, which is centered on the growth of communities around futuristic technologies, is certainly possible. ApeCoin has not yet released its holdings into the market, which implies that they will follow a previously set pattern in order to address the emotion of the market. This would not only serve as a hedge, but it would also make it possible to earn wealth rapidly.
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On the other hand, an RSI that is moving towards the overbought zones suggests a possible opportunity for profit booking if additional tokens are not made easily available for prospective purchasers. ApeCoin investments should be considered suitable if the RSI is at least 60 and the price is between $20 and $30.

 

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.