ApeCoin’s (APE) Response to the Otherside’s ‘First Trip’

Three months following the Otherside Metaverse launch, Yuga Labs, on July 16, granted access to more than 4,300 participants to test its upcoming gaming world. The Litepaper released after the test shows Otherside developers highlighted the July 16 event as the First Trip of the several Trips Voyagers would partake.

The playtest sessions series would test the game, whereas developers take the platform’s technology to another level. As the Litepaper reiterated, ApeCoin (APE) powers the Otherside ecosystem. Meanwhile, how did APE react following the July 16 ‘First Trip and the Otherside Litepaper release?

What APE’nd?

The APE price hovered around $4.67 during the First Trip. Meanwhile, the alt embarked on stable uptrends after the First Trip success and the Otherside Litepaper release. That saw ApeCoin climbing to $5.23 during this publication.

APE gained approximately 11% within the past two days. Meanwhile, the alt has seen steady declines since April, currently trading at March 2022 price zone. The crypto stays 88% lower from its $39.40 all-time high.

The daily price chart shows APE gained 10%. Moreover, the previous 24 hours have seen stable APE accumulation. The Relative Strength Index maintained an upside at 57 during this publication. Also, the underway buying saw the Money Flow Index securing a spot at 76.23.

On-Chain Analysis

Surprisingly, the asset’s on-chain momentum declined after the July 16 Trip. Though Saturday’s test triggered a surge in individual addresses transacting APE, pushing to 1176 addresses by July 17, plummets emerged to underpin the daily active wallets at 386 during this publication.

Also, the asset’s transaction volume hovered around the 2.34 million lows following the 6.84M high on July 17. Nevertheless, new addresses joining the platform have steadily increased since July 16. This metric surged 20% over the past two days.

Moreover, APE’s social dominance dropped by 6% over the past two days. On the other part, the social volume plummeted by 83%. Meanwhile, the 1-day average shows APE exchange balance flows at negative 217K. Amidst the 24hr price surge. Investors should worry about pullbacks as more tokens leave the crypto exchanges than join.

Stay tuned for developing news in the market.

Editorial credit: mundissima / shutterstock.com

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