Yuga Labs’ TwelveFold auction had this effect on Apecoin [APE]

  • The 24-hour TwelveFold auction raised 735 BTC, or approximately 16.45 million at the market price at the time of writing
  • Technical indicators were issuing a bearish alert for APE at the time of writing

Yuga Labs is in the news after it completed the highly publicized auction of its inaugural Bitcoin-based non-fungible token (NFT) collection – TwelveFold. The top 288 bidders each won one NFT and will receive their entries within a week, according to an update from Yuga Labs.

In fact, TwelveFold added that the 24-hour auction raised 735 BTC or about $16.45 million, according to the market price at the time of writing. Also, the highest successful bid was 7.1159 BTC – worth $159,282.

Yuga Labs added that for failed bids that failed to make it into the list of the top 288, the bid amount will be returned to the user’s receiving addresses within 24 hours.

Read ApeCoins [APE] Price Forecast 2023-24

Auction hype fails to disband APE

The hype associated with the auction failed to lift Apecoin’s spirits [APE] investors, however. Consider this: According to CoinMarketCap, the altcoin was down 1.7% over a 24-hour period at the time of writing.

In addition, it’s worth pointing out that the network’s growth went downhill after peaking in early February. This indicated that new addresses were not so keen on acquiring APE.

One reason could be the sharp drop in daily trading volume in earnings. Figures for the same fell from $8.95 million in mid-February to just over $3.2 million on March 6.

The negative MVRV ratio supported the aforementioned deduction. The possibility of making losses on their businesses deterred new participants from joining the network.

At the same time, supply on exchanges increased over the past week, which could increase short-term selling pressure.

Source: Sentiment

APE in the grip of the bear?

APE moved within the indicated range for most of February. However, at the time of writing, the bulls were struggling to defend the lows of the range. A move below that will tip the market in the bears’ favor.

The Moving Average Convergence Divergence (MACD) crossed into negative territory and issued a bearish alert. The Relative Strength Index (RSI) slowly moved into oversold territory, implying selling pressure has also remained high.

Source: APE/USD trade view

Finally, investors turned pessimistic as the number of short positions for the crypto increased over the past two days, according to Coinglass. At the time of writing, the Longs/Shorts ratio was as high as 0.92.

Source: Coinglass

How much are 1.10.100 APEs worth today?

While Yuga Labs was largely successful, it received some flak from users for how it handled the auction process. Casey Rodarmorthe creator of Bitcoin Ordinals, criticized the process, sending the full bid amount to be eligible for the auction.

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