"A WIN FOR $APE IS A WIN FOR APES": Yuga Labs CEO Michael Figge Makes The Case For ApeCoin Explaining Why Its Oversold And Undervalued!

Yuga Labs CEO Michael Figge just planted his flag on the ApeCoin chart, laying out his case for why the token should first reclaim its $300 million market cap before entering price discovery again.

On Wednesday, Figge took to the timeline with an article titled "The Case for $APE: Part 1," where he shared the narrative and data behind his belief that ApeCoin is oversold and undervalued by the market.

 

"Old narratives, especially negative ones, take time to turn around," Figge wrote, arguing that years of regulatory uncertainty, DAO politics, Yuga Labs' growing pains, and a bearish crypto market have left ApeCoin overlooked despite what he believes has been a significant turnaround across the ecosystem.

From there, Figge pointed to Yuga Labs' renewed focus on the Bored Ape Yacht Club, Otherside, and ApeCoin, arguing that continued success across those three pillars should ultimately lead to value for the token.

Figge also compared ApeCoin's valuation to metaverse tokens like Sandbox and Decentraland, as well as Pudgy Penguins' $PENGU, arguing that the market isn't properly valuing the ecosystem's progress.

 

Figge then  highlighted onchain data showing that relatively few wallets hold large amounts of ApeCoin, suggesting the token's next move starts with the Apes themselves.

“Our focus right now is converting believers who are already in the ecosystem, reducing underweight insiders and building a stronger foundation from within,: he said. “The goal is to accumulate enough conviction within the community to retest the $300M MC HTF support level. As we get closer, I’ll share other thoughts I have on: Part II - how we can push beyond that support level during price discovery. A win for $APE is a win for apes. Disclosure: I am long  $APE.

 

The Gazette will continue to follow all things ApeCoin and will let you know what's next for the token. Stay tuned for updates!