The ApeCoin token, associated with Yuga Labs, experienced a sharp reversal on October 22, falling nearly 20% from its recent high. This decline came just two days after the launch of ApeChain, a layer 3 network on Arbitrum One, which allows developers to build applications in various industries. ApeCoin holders can stake their tokens on ApeChain and earn rewards. The drop in ApeCoin's price can be attributed to investors "selling the news" and concerns about competition in the layer 1, 2, and 3 industries. Additionally, the broader weakness in the crypto market, including a pullback in Bitcoin, also had an impact. ApeCoin may continue to fall and retest the 200-day moving average.



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