Bored Ape Yacht Club’s ApeCoin is now nothing beyond fantasy as APE has no utility besides being a governance coin. Moreover, the altcoin had its investors losing over 98% within four months of its launch.
Going to a Prehistoric State?
APE joined the market at $8 before skyrocketing towards its $27 all-time high. Price actions since then remained devastating and mortifying for traders, with ApeCoin changing hands at $3.5 during this publication. The latest downfall saw the alternative token losing 45.43% last week.
Such developments had about 98.22% of ApeCoin holders experiencing losses. Though the token boasts more than 73K investors, they only account for about $750M worth of ApeCoin. That translated to a massive plunge in APE’s on-chain transactions as investors decided to keep their tokens until improvements in the market.
The average transaction volume dropped to $20 million only within one month. For now, the Bored Ape Yacht Club capitalizes on its ‘social’ charm to propel the token’s price like during its launch.
Will APE Start Hopping Again?
The second Apefest iteration that started in October last year will launch on June 20. The event might trigger impressive price action for APE. Also, the surging demand and value of the leading NFT collection (BAYC) might propel such moves.
The non-fungible token has seen sales worth $1.2 million within 18 days. Furthermore, its second-largest rival, Otherdeed NFT, another Yuga Labs property, only raked $461K.
That comes even with Bored Ape Yacht Club sales seeing a significant decline. Though it might seem like a drop in demand, it’s because of the surge in BAYC value, leading to merely 718 non-fungible tokens sold over the past month.
BAYC’s average price touched the $145.5K high in April. However, the number dropped to $124K during the past month. That’s why the sale volume remained high regardless of the lesser deals. Bored Ape Yacht Club generated sales worth $173 million within the past two months, confirming the NFT collection remained a highly valued asset.
Nevertheless, ApeCoin remains contingent on broad market actions. Bitcoin confirms bearish markets following its latest freefall to beneath the vital $20K. More BTC weakness will fade recovery chances in alts, including APE.
Editorial credit: photo_gonzo / shutterstock.com
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