The ApeCoin ($APE) price has dropped by over 40% in the past month, with investors now worried that the token could go all the way to zero. This comes as the ApeCoin DAO organization came under strong criticism due to high payouts to leadership figures.
$APE has been on a consistent downtrend since late January, despite the recent meme coin mania that has gripped the market.
However, it’s not all doom and gloom for meme coin traders – alternative token Wall Street Memes ($WSM) continues to turn heads and is now nearing the $10 million milestone in its ongoing presale phase.
$APE Approaches Make or Break Moment As Bearish Momentum Intensifies
$APE has closed in the red in five out of the last seven weeks, showcasing the overwhelmingly bearish sentiment around the token.
Last week was a landmark moment for $APE, as the token’s price fell below the crucial support region at $2.80.
$APE hasn’t traded below this level since the day the token was launched, back in March 2022 – highlighting how far it has fallen.
Investors now worry that $APE could go to zero, with the ongoing price action not doing anything to alleviate these concerns.
Adding to these concerns is the considerable scrutiny surrounding the ApeCoin DAO after it was revealed that leadership board members were receiving whopping salaries of up to $75,000 each month.
Members of the ApeCoin community, and the broader crypto community, were highly critical of this information release – stating that such high compensation contradicts the ethos of decentralization and equality that the DAO is built on.
However, Animoca Brands chairman Yat Sui has downplayed the criticism, stating that these salaries aren’t uncommon in the industry – adding more fuel to the bearish fire.
ApeCoin’s Plunge Sparks Concern Among Crypto Analysts
ApeCoin’s dramatic fall from grace has caught the attention of some big names in the market – with most demonstrating their bearish sentiment.
Recently, YouTube analyst Crypto With James released a video breakdown of $APE, stating that the token is still overpriced and could easily lose investors money.
This breakdown was backed up by price analysis from The Trading Nerd, who hinted that the recent price action could spell the end for ApeCoin.
Prominent Twitter analyst borovik.eth, who boasts over 133,000 subscribers, even tweeted his followers recently, asking whether they believe $APE is a “good buy” at $2.
Most replies to this tweet were extremely bearish, echoing the concerns that ApeCoin’s downfall may continue unabated.
If this fall does continue, the likely port of call would be the previously mentioned $2.00 region, where there’s expected to be a high volume of buy orders.
In the event that this region is broken, then $APE could fall back to $1.00 – representing a 50.8% decrease from today’s price.
Which ApeCoin Alternatives Are Impressing Meme Coin Investors?
While ApeCoin faces a daunting descent, not all is bleak in the crypto realm.
The meme coin space continues to innovate and thrive, evidenced by the recent success of Pepe, Wojak, and Turbo.
However, Wall Street Memes ($WSM), a brand-new project, is now emerging as a standout star – captivating investors with its unique concept and disruptive potential.
Wall Street Memes Disrupts the Status Quo & Inches Closer to $10m Milestone
Wall Street Memes ($WSM) is a revolutionary meme coin project that looks to empower retail investors in the ever-evolving world of finance.
This project has roots that stem back to 2021 when the team launched a highly successful NFT collection called Wall St Bulls.
All 10,000 of the Wall St Bulls NFTs sold out in just 32 minutes – generating $2.5 million in sales.
Now, the team has set its sights on disrupting the meme coin niche by launching $WSM, a community-driven token designed to give back to supporters worldwide.
Many investors are already speculating that $WSM could be a success once listed on major exchanges, given that the Wall Street Memes community comprises over 1.1 million people.
The scale of this community has helped drive demand for $WSM through the ongoing presale – which has now raised over $8.7 million in funding.
Investors are coming in their droves to join the official Telegram channel, where the latest updates and announcements are shared.
The enthusiasm around Wall Street Memes is palpable – and with $WSM tokens currently available for just $0.0295, investors are seizing the opportunity to get in at the ground floor while they can.
Visit Wall Street Memes Presale
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