ApeCoin’s Q2 was a rollercoaster ride; what does Q3 hold?
- APE trade volume was dominated by sharks, which flipped whales for the first time.
- Social sentiments remained low in Q2, but a few on-chain metrics were bullish in Q3.
Like most cryptos, ApeCoin [APE] also had a rough quarter, as its price plummeted substantially during that period. Messari, in its latest quarterly report, highlighted APE’s performance on multiple fronts, giving a broader picture of its state in Q2 2023.
Read ApeCoin’s [APE] Price Prediction 2023-24
A closer look at ApeCoin’s state in Q2
As per Messari’s report, APE’s average price went down from nearly $4.9 to $3.38 in the second quarter of 2023. Its transfer volume also declined significantly, from over $10 to $5.3 in Q2.
The report also revealed that in the last quarter, APE’s trade volume was dominated by sharks, which flipped whales (over $10 million in daily trading) for the first time since APE launched.
Mentioning token unlocks in the last quarter, throughout Q2’23, roughly 25 million APE were unlocked to non-DAO entities, and almost 26 million APE were claimed by Yuga ecosystem assets and APE holders. The unlock to non-DAO entities represents 5% of the circulating supply.
As per the report, this level of selling pressure may have contributed to the quarterly price decline, which saw the average price fall by 32% and the quarter-end fully diluted valuation fall by 24%.
ApeCoin’s fully diluted valuation hit a $2 billion floor at the end of Q2’23, a 91% drop from its all-time high in Q2’22. Apart from that, the token also witnessed an increase in its number of holders.
In Q2’23, an average of 373 new APE holders joined the ecosystem every day. 34,000 new holders were added throughout the quarter, despite Q2 being behind the previous five quarters. Despite new holders joining the ecosystem, the blockchain’s popularity remained relatively low.
This was evident from the social volume graph, which only spiked on 7 June. APE’s weighted sentiment also revealed that the market was dominated by negative sentiment, thanks to its bearish price action.
Will APE’s Q3 be any different?
Like many other cryptos, APE’s last week was in investors’ interest as its price rose. As per CoinMarketCap, APE was up by nearly 7% in the last seven days. At press time, it was trading at $2.08 with a market capitalization of over $768 million.
How much are 1,10,100 APEs worth today?
Thanks to the uptrend, APE’s MVRV Ratio also improved. Apart from that, its open interest went up as its price rose. An increase in the metric means that the on-going price trend might continue.
Despite the recent uptick, investors’ confidence in the token declined, as evident from the drop in its supply held by top addresses.