ApeCoin witnesses sell-offs, but are sharks to the rescue?
- ApeCoin saw its fully diluted valuation decrease by around 24%.
- ApeCoin’s value has increased by over 4% to trade at around $2.
ApeCoin’s [APE] recent performance has been far from stellar, as its price trend has failed to impress investors. Although ApeCoin may not have been directly affected, the drop in the floor price of BAYC drew attention.
Realistic or not, here’s APE’s market cap in BTC’s terms
Surprisingly, despite witnessing some sell-offs, recent reports indicated a growing interest from sharks.
ApeCoin witnesses large sell-off
Messari recently released a comprehensive report on ApeCoin’s performance during 2023 Q2, shedding light on various factors contributing to its value decline. According to the report, 46.8 million APE tokens were unlocked during this time frame.
Among these, 24.8 million APE tokens were unlocked and sold by non-DAO entities, accounting for 5% of the circulating supply.
The influx of sell pressure played a role in the consistent downward trend of ApeCoin’s price throughout the quarter. By the end of the quarter, the fully diluted valuation (FDV) of ApeCoin had fallen by 24%, and the average price had dropped by 32%.
Simultaneously, another project within ApeCoin’s ecosystem, namely the BAYC collection, experienced a decline in its floor price over the past week.
Since APE and BAYC are interconnected projects, this decline drew additional scrutiny toward APE, with observers speculating on the possibility of a ripple effect. The combined impact of these factors likely contributed to ApeCoin’s lackluster price performance during the period.
ApeCoin’s trajectory so far
By utilizing the price range tool on a daily timeframe, the extent of ApeCoin’s decline became more evident. The tool revealed that APE had experienced a significant drop of over 50% from the beginning of Q2 until now.
As of this writing, APE was trading at approximately $2.0, marking a modest increase of over 4%. Notably, this was only the third time ApeCoin had witnessed such a substantial increase in July.
Despite this recent uptick, the overall price trend remained bearish at press time. This was evident from the Relative Strength Index Line, which was situated below the neutral line at the time of writing.
APE sharks remain active
Despite the underwhelming price trend, APE continued to attract notable activity from sharks and other significant traders. The Messari report highlighted that shark trade volume surpassed whale trade volume, comprising 43% of the total ApeCoin trade volume.
How much are 1,10,100 APEs worth today?
Shark volume experienced a 9% increase, while dolphin volume rose 7%. Additionally, seal volume increased by 3%, fish volume by 1%, and krill volume by less than 1%.
As of this writing, the transaction count for amounts exceeding $100,000 and $1 million indicated 11 and three, respectively. The charts also revealed a consistent volume of transactions within that range over the past few weeks, indicating sustained activity at higher levels.