ApeCoin Is The Worst-Performing Altcoin In 2023 With Price Declining More Than 83%

The Bored Ape Yacht Club, renowned for its distinctive non-fungible tokens (NFTs) created by Yuga Labs, has garnered immense popularity within the crypto community. Nevertheless, the native token underpinning this NFT collection, Apecoin (APE), has recently weathered a significant downturn, plummeting by a staggering 83.5% since the year’s outset. The ApeCoin ecosystem has a crucial cliff token unlock event scheduled for September 17. Unlike the linear approach, cliff token unlocks involve a predetermined number of tokens being released after a specified duration, potentially disrupting market stability. Conversely, the linear option distributes tokens according to a fixed schedule, such as monthly or annually, offering a degree of price stability. Breaking through the $1.14 resistance barrier, ApeCoin briefly surged to approximately $1.16 on September 19. Regrettably, this upward trajectory proved short-lived, as the price resumed its downward trajectory. While resistance levels often attract profit-taking investors, APE’s recent surge beyond this threshold has ignited a surge in positive market sentiment, underscoring the coin’s potential to attain higher highs in the coming days and weeks.