Connect with us
Active Currencies 15505
Market Cap $3,423,365,879,996.50
Bitcoin Share 57.16%
24h Market Cap Change $4.66
Altcoin

Can ApeCoin holders bank on 2023 as the year of the APE? This data suggests…

2min Read
Posted:
Avatar
editors
Avatar
editors
Posted:

Share this article

  • Number of unique APE holders continue to grow
  • The NFTs associated with APE witnessed improvements as well

In a recent post made by crypto analytics firm Delphi Digital, it was stated that the number of unique addresses holding APE grew substantially over the last year.

     Are your APE holdings flashing green? Check the profit calculator  

Since March 2022, the number of APE holders increased from 20,000 to 100,000. One of the reasons for the growth in number of APE holders could be due to APE’s staking rewards program.

 

According to data provided by Dune Analytics, it was observed that the number of APE holders staking their APE had increased. The TVL generated by staking the APE also observed growth.

Furthermore, throughout December 2022, the TVL generated by staking APE in the BAYC pool grew from $627,000 to $29.3 million. The estimated Annual Percentage Yield (APY) also increased and was 224% at the time of writing.

Source: Dune Analytics

 Another reason for the increasing interest in APE would be the popular NFT collections associated with the token. 

Bored Ape Yacht Club (BAYC) witnessed significant growth over the last month. Its floor price increased by 4.07% in the last 30 days, and the number of whale sales increased during that duration as well.

Other NFT collections associated with ApeCoin such as Mutant Ape Yacht Club (MAYC) also saw growth. According to data provided by DappRadar, MAYC’s volume increased by 52.31% in the last 30 days. At press time, the overall volume for MAYC was $38.25 million.

Source: NFT GO

 Having a look onchain

This interest generated by the NFT collections translated to APE’s on-chain activity as well. Over the last few days, the velocity of APE increased massively. This implied that the frequency with which APE was being exchanged among addresses accelerated.

The amount of daily active users using APE remained consistent during this period.

Source: Santiment

How many APEs can you get for $1?

Despite the increasing interest and growing activity around APE, most APE holders continued to hold the token at a loss as its price declined.

This was demonstrated by the declining MVRV ratio of APE. The declining volume of transactions in loss indicated that APE holders were willing to hold on to their token and wait to be profitable.

Many of the holders at a loss were short term holders. This was indicated by the declining long/short difference for APE.

Source: Santiment

It is uncertain whether these short term holders will continue to hold on to the APE token or if they will end up succumbing to the sell pressure. 

 

Previous:
Next:

Share

Avatar
Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.