ApeCoins were in the market for all of 2018, but only began to rally in January 2019 after a brief 400% increase overnight. In the past week, prices have consolidated, with some analysts citing this as the last chance to accumulate at current rates before another ApeCoin rally begins. The origins of global economic turmoil may be traced back to a single digital currency that has since gone defunct: Bitcoin Cash (BCH). In the wake of Bitcoin’s (BTC) price bubble that peaked in December 2017, the surge in interest led to a flurry of altcoin projects attempting to ride on Bitcoin’s coat-tails. One of these was ApeCoin, a coin designed to appeal to the general public.
The coin launched in late 2017 and enjoyed some initial success, with a market cap often exceeding $1 billion and trading volumes frequently exceeding $100 million per day. However, since reaching its peak price around 50c in late January 2018, ApeCoin has been on a continuous downward trajectory while other coins have increased in value dramatically. The exact reasons for this fall remain unclear but most pundits believe it is due to poor marketing and lack of support from developers.
Now, analysts are suggesting that it is time for investors to dump their apecoins before the further decline, at which point they may be forced to sell at much-deeper prices which could mean losses of thousands of dollars overnight.”Bitcoin is the only currency that value that is private, permissionless, censorship resistant, borderless and can be used to move money anywhere in the world instantly with no fees. All bitcoin forks are not even worth mentioning. They have failed because they’re not bitcoin,” said Lee Coombs of Newton Direct.
“Apecoin was just another coin more than two years ago and now it has fallen out of favor because it offered nothing special over bitcoin except for a lower price tag.” Coombs noted that “Bitcoin Cash’s 38 times price increase since it launched does not mean people should jump aboard without carefully vetting the project first. In fact, the project was a joke from the beginning. It’s already fallen out of favor and we expect it to continue in that direction.” Of course, as with many bitcoin-related projects, BCH developers claim that this rise is due to sudden change in user interest.
BCH users are now being tasked with making yet another choice:
adopt the new Bitcoin SV (BSV) platform that seeks to fork off from BTC at block #468063 to create a more permanent solution and thus secure their holdings against potential future hard forks. Coombs noted that “BCH is a joke. It has failed miserably in every aspect of what a cryptocurrency is supposed to do. Only a handful of people are using it and the volume of trades is so low it cannot be considered even remotely secure.””If you hold BCH you should move your money off the platform before it fails completely. Do not leave $0.50 cents on the table just because someone said, ‘hey, let’s take a risk and move our money to something else.’ You will thank us when bitcoin SV takes over,” he added. “When that happens, there will be no more BCH.
What is ApeCoin?
ApeCoin is an altcoin based off the Bitcoin protocol. The difference is that the project’s marketing promises to make it appealing to a general public (and not just cryptocurrency enthusiasts) by being more easily accessible and easy-to-use.
How did ApeCoin get its name?
The name was inspired by a combination of the word ‘Bitcoin’ and ‘Apes’, since it was designed to appeal to humans like apes. This is why ApeCoin’s logo shows an ape with a human face. The project was designed by a very young programmer, but is run by an experienced team of developers, including BitBank and Newton Direct.
What is that thing you’re holding in your logo?
That is supposed to be a banana, but instead looks more like a plant. In the original design, the logo depicted an ape eating a banana. However, this was manipulated by the website’s founder to show an ape holding the banana in his hand instead. This manipulation of the design was reportedly done without consulting other team members and resulted in several conflicts within the team.