ApeCoin is up 4.3% over the last 7 days – where does APE get its energy from?

Bored Ape Yacht Club’s token, ApeCoin (APE), has risen over the past week, peaking at 4.3% and trading at the $5.12 level.

• APE Shows Energy, Up 4.3% Over Last 7 Days
• Coins affected by general cryptocurrency slump
• Inflation in the US also weighs on crypto prices

APE is a busy bee and apparently the recent rise APE has enjoyed has been said to have been spearheaded by current projects or developments within the network.

The Ape Foundation recently released several recommendations in line with its Decentralized Autonomous Organization (DAO) election process. If these proposals are approved, regular elections will instead be held every three months to elect the members of the Council.

ApeCoin’s Recent Developments Contribute to Its Surge

While other altcoins struggle to break through, ApeCoin is doing the exact opposite. APE price surges and looks bullish.

However, the plummeting value of cryptocurrencies has been cited as one of the reasons why APE has not received much attention.

ApeCoin recently posted on Twitter that this provides an increasingly stable ecosystem to bring in new members, and so far it has managed to ensure the consistency of the DAO to manage and communicate knowledge and expertise to the community. It says it does.

Community members have recommended a wide range of representatives from individuals who have no affiliation with cryptocurrency-backed organizations to avoid conflicts of interest.

The Ape Foundation currently consists of Amy Wu (FTX Ventures), Yat Siu (Animoca Brands), Alexis Ohanian (Reddit), Maaria Bajwa (Sound Ventures), and Dean Steinback (Horizon Labs).

Crypto Market Experiencing Downtrend

According to CoinMarketCap, the price of ApeCoin plunged 4.05% at the time of this writing, or was trading at $4.73.

The crypto market has been trending downward lately, with an observed market cap of less than $1 trillion in the last 24 hours.

Clearly, Bitcoin, the king of cryptocurrencies, saw neither an increase nor an improvement as it was trading around $20,000 yesterday.

Inflation in the US appears to have had a severe impact on cryptocurrency prices. Therefore, what prevents ApeCoin from moving further north is the overall dilemma of the cryptocurrency market.

Another factor hindering ApeCoin’s rise is the current strong dollar. The US dollar has been trending higher since Thursday as it broke previous highs in line with the US Federal Reserve’s attempt to keep inflation in check.

Their efforts are expected to work with the USD stable at 109.84. Additionally, risk-off market sentiment has also helped the US dollar, boosting demand for fiat currencies such as the US dollar.

From a technical standpoint, APE seems to have found support at the $4.95 zone, and below this mark, the coin may capsize further until it hits the $4.35 support zone.

On the other hand, daily timeframes that show an upward trendline are beneficial for altcoins.

Conversely, a breakout at the $4.35 level could trigger a downtrend for the APE/USD pair to $3.12.

APE total market cap at $1.46 billion on the daily chart | Source: TradingView.com

Featured image from The VR Soldier, chart from TradingView.com