Apecoin loses most value among leading metaverse projects in the last week
- Apecoin’s price fell by 12% in the last week.
- Most of the APE transactions completed in the past week resulted in losses.
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The decline in APE’s price comes as the broader cryptocurrency market fell recently following the significant liquidity exit suffered in the Bitcoin’s [BTC] futures markets on 17 August.
As APE’s price trended downward in the last week, blockchain sleuth Lookonchain found that an APE wallet holder that claimed 93,700 APE and spent 749 ETH ($2 million at the time) to buy 96,276 APE at $21 on 1 May 2022 dumped all its APE holdings on 23 August, at $1.51, incurring a loss of around $1.5 million.
A wallet dumped all $APE at a loss of ~$1.5M 8 hours ago!
— Lookonchain (@lookonchain) August 24, 2023
The APEs continue to take a beating
As of this writing, the metaverse token traded at $1.42, falling by 12% in the last week. Apart from the negative sentiment that plagues the general market, the decline in APE’s price has also been due to a drop in demand for the altcoin.
According to data from IntoTheBlock, the count of addresses that made one or more on-chain transactions involving APE fell by 61% in the past week. New demand for the alt also reduced. Information from the same data provider showed that the number of new addresses created daily to trade APE decreased by 68% within the period under review.
As expected, the reduction in the active wallet count resulted in a corresponding decline in the daily count of transactions involving APE that were completed in the last week. Between 19 and 26 August, the daily count of APE transactions executed fell by 43%.
Prices see red
On a daily chart, APE accumulation remained low. Key momentum indicators were perched in oversold zones. For context, APE sell-offs have skyrocketed since mid-August, after the alt’s price peaked slightly above $2. At press time, APE’s Relative Strength Index (RSI) was 27.53, while its Money Flow Index (MFI) was 29.14.
Max pain for APE holders
An assessment of the profitability of APE’s transactions on a 7-day moving average showed that the ratio of APE’s transactions that returned losses in the last week outweighed those that were in profit.
How much are 1,10,100 APEs worth today
According to Santiment, this was 0.47 at press time. This meant that for every unit of APE transaction volume that resulted in a profit, 0.47 units of transaction volume resulted in a loss.
Trading at a 96% decline from its all-time high, data from IntoTheBlock showed that 99% of all APE holders held at a loss at press time. This represented 130,800 addresses of all addresses that hold the altcoin. Less than 100 addresses were “in the money,” according to the data provider.