Investors and traders of ApeCoin (APE) have been seeing some big gains since the start of 2023. With the crypto market experiencing a пренапони in prices, ApeCoin has been riding the bullish wave upwards showing gains on almost all timeframes.
ApeCoin is riding the bullish momentum, while Yuga Labs’ Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) remain some of the dominant collections available on the NFT market.
Според DappRadar, the two collections are first and second in terms of trade volume in the past month. However, with the recent Yuga Labs situation, will APE remain profitable to investors?
Yuga Labs Lawsuit And How It May Affect ApeCoin
Recent information about the lawsuit filed against Yuga Labs can affect APE’s ability to continue its bullishness.
Според вести, a federal judge ruled that Greg Solano and Wylie Aronow, the co-founders of Yuga Labs which created BAYC and MAYC, must face deposition in the most recent escalation between the company and Ryder Ripps who launched a противтужба along with co-defendant Jeremy Cahen.
The saga started back in June of 2022 when Yuga Labs filed a тужба against the artist, claiming that Ripps was scamming buyers of BAYC with supposed intentions of harming the company. Ryder has been a vocal critic of the Yuga Labs and BAYC, going as far as calling the community a brainwashed cult.
“bayc is not a brainwashed cult”
bayc: pic.twitter.com/zp0X9BL2SF
— RYDER RIPPS 🔜 (@ryder_ripps) Јуни 17, 2022
One of the counterclaims was the alleged Neo-Nazi origins, an accusation that was негираше by Yuga in June last year. However, Ripps and Co. will now have a chance to question the two co-founders in detail under the threat of perjury which may or may not fall in favor of Yuga Labs, affecting the company and APE in its astronomical rise.
Слика: Твитер
Will ApeCoin Continue APE’ing Around?
As of writing, the token has been rejected on the $5 resistance range and has since started its downwards momentum. This might only be a short correction as APE rode the bullishness as the major cryptocurrencies се собраа како добро.
Вкупната пазарна капа на крипто на 816 милиони долари на дневната табела | Графикон: TradingView.com
However, as the Yuga Labs’ co-founders are subject to deposition, the sway of investor sentiment on APE might swing to the bears. Investors and traders must keep tabs of the sworn statement against the company co-founders as the results of this will impact the firm and its NFTs and token.
Short-term, the bears might win as the correction phase is in full swing. Investors and traders will find support at $4.2 which should sustain a further retesting of the resistance at $5. But for now, investors should HODL as we await the results of the proceedings against Yuga Labs.
-Featured image from The Guardian
Source: https://newsbtc.com/news/apecoin-up-21-in-last-week/