ApeCoin, the native token of Bored Ape Yacht Membership (BAYC) is at present nothing greater than a fantasy because it serves no use case aside from being a governance token.
Regardless of that, it has by some means managed to carry losses to greater than 98% of its traders in lower than 4 months since its launch.
Returning to its prehistoric state?
Launched at $8, APE was fast to rally and attain its all-time excessive of $27. The journey since then has been mortifying and devastating for traders since APE is at present buying and selling at $3.5. The newest addition to its downfall got here with the 45.43% crash final week.
ApeCoin worth motion | Supply: TradingView – AMBCrypto
This has resulted in 98.22% of APE holders witnessing losses. Though the whole variety of traders in the mean time is a little bit over 73k, they nonetheless account for roughly $750 million price of APE.
ApeCoin traders in losses | Supply: Intotheblock – AMBCrypto
This has resulted in a extreme decline within the complete quantity of APE transacted on-chain since traders discover it wiser to carry their belongings till the scenario will get higher.
In lower than a month, the common transaction quantity has diminished to simply $20 million on common.
ApeCoin transaction quantity | Supply: Intotheblock – AMBCrypto
Now, the BAYC is banking on its social attraction as soon as once more to skyrocket the altcoin’s worth because it did with its launch.
Will the APE start leaping once more?
The second iteration of the Apefest, which started in October 2021, is scheduled to happen from 20 June, which may doubtlessly be an enormous set off for the value motion.
This is also propelled by the growing worth and demand of the most important NFT assortment, which within the final 18 days alone, has amounted to $1.2 million price of gross sales.
Furthermore, its second-biggest competitor, Otherdeed NFTs, which can be a property of Yuga Labs, the maker of BAYC NFTs, solely managed to rake in $461k.
Prime NFT collections by sale | Supply: Intotheblock – AMBCrypto
That is although the whole variety of BAYC offered has diminished considerably. Though it might seem as a decline in demand, it’s truly as a result of improve in BAYC worth that merely 718 NFTs had been offered final month.
The typical worth of a BAYC peaked in April at $145.5k, which diminished to $124k final month. This is the reason, regardless of lesser gross sales, the sale quantity has been greater than occasions when gross sales had been large.
Within the final two months alone, BAYC generated $173 million price of gross sales, indicating that the NFT assortment was nonetheless a extremely valued asset. .
BAYC NFTs common worth | Supply: Dune – AMBCrypto
