Here's Why ApeCoin, Arbitrum, and Internet Computer Plunged This Week
Interestingly, the past week has been a relatively stable one in the world of cryptocurrencies. On an aggregate basis, the crypto sector has slightly gained ground over the past seven trading days (the crypto markets are open 24/7). However, certain tokens outperformed others, and there are some notable gainers and decliners worth noting.
Among the top three decliners over the past week investors may want to keep their eye on are ApeCoin (CRYPTO: APE), Arbitrum (CRYPTO: ARB), and Internet Computer (CRYPTO: ICP). These three tokens declined 15.9%, 12%, and 10.9%, respectively, over the past week, meaning there are key project-specific headwinds investors are pricing in with these specific projects.
ApeCoin's decline over this past week appears to be tied to a token unlock scheduled for this Sunday, Sept. 17. At the beginning of next week, more than 40 million tokens will be unlocked and available for sale. Investors appear to be concerned about potential near-term selling pressure and are getting out ahead of this token unlock.
Source Fool.com
