ApeCoin made news as the NFT token broke out of its downward trend. ApeCoin's price rose as a result of the bullish rebound. Three major causes are responsible for the trend reversal. Snoop Dogg and Eminem, two of America's most prominent rappers, debuted a new music video at Ape Fest '22. The film, which showcases NFTs from the Bored Ape Yacht Club (BAYC), quickly gained popularity in the Web3 and NFT communities. BAYC's annual festival featured performances by Roots, LCD Soundsystem, Haim, Lil Baby, and Lil Wayne, among others.
Celebrity rappers view this as the start of a new media trend, allowing token holders to exploit the image of their Bored Apes for creative or economic efforts. ApeCoin's approach was to facilitate unique initiatives for BAYC holders, which has contributed to the NFT token's attraction among people who haven't acquired the collection yet. As the ApeCoin price breaks out of its two-month-long downturn, it becomes evident that bears no longer control the NFT token. The ApeCoin price chart shows a positive divergence, and the NFT token is expected to rise by 20%.
Movement of ApeCoin since coming to the market. (Source: CoinMarketCap)
Sources:
https://coinmarketcap.com/currencies/apecoin-ape/
https://metacrunch.org/apecoin-holders-prepare-for-massive-breakout-after-ape-fest-22/
https://cryptosaurus.tech/apcoin-holders-ready-for-massive-breakout-after-app-fest-22/
https://coinquora.com/apecoin-holders-prepare-for-massive-breakout-after-ape-fest-22/