ApeCoin drops to $5.74 today as the crypto community loses hope in APE

Crypto trading is once again in a downtrend after one of the hardest tokens, ApeCoin, dropped below $6. According to CoinMarketCap, a large number of APE investors are reportedly bearish on the token after being in a downtrend for more than 90 days.

ApeCoin is the most popular token in the NFT market due to its affiliation with the BAYC series and the latest developments it promises. From the very beginning, the APE project was colored by the optimism and hope of its investors. Even the token is listed at $39.40 for March. Eventually his good record would slow as he lost 89 percent of his value to hit $5.74 today.

ApeCoin drop after a week of rising in value

Web crypto analytics platform CoinMarkerCap shows that ApeCoin is worth over $6.4 while its market cap is over $5 million. But over the course of several days, the token lost more than 10 percent of its price, indicating an unfavorable environment for the average investor.

Even though it’s been an intense week for crypto trading, APE fans still have hope. Many investors think this is a good time to invest in ApeCoin.

ApeCoin Future and the entire crypto market

The cryptocurrency has been on a downward trend for more than half of the second quarter of the year, and many fans are wondering if it will continue into the third quarter. The reality is that everything is uncertain, although recent United States fiscal policy decisions are expected to favor cryptocurrencies in order to stabilize their price volatility.

The FED raised its tax rates while the country’s FOMC issued a tough assessment for commissions, where they are expected to cover around 75 modest items. This regulation will lead to further imbalances in crypto trading and create more distrust towards investments in the coming days.

However, the ApeCoin community and cryptocurrency enthusiasts believe that this prediction may be wrong. Lately it can be observed that Bitcoin or other tokens are slowly increasing in value. Crypto enthusiasts expect that most tokens will increase their prices for this new quarter.