Deciphering if ApeCoin can recover its 45 percent decline before to ApeFest
ApeCoin, which is the native token of Bored Ape Yacht Club (BAYC), is now just a dream because it can’t be used for anything else besides voting.
Even so, in less than four months since the company started, more than 98% of its investors have lost money.
Going back to how it was before?
APE started trading at $8 and quickly went up to $27, which was its all-time high. Since then, it has been a humiliating and painful ride for investors, as APE is now worth $3.5. The 45.43 percent drop over the past week was the most recent drop.
98.22% of APE investors have lost money because of this. Even though there are just over 73,000 investors right now, they own about $750 million worth of APE.
This has led to a sharp drop in the amount of APE being traded on-chain, as investors think it’s best to hold on to their assets until the market gets better.
In less than a month, the average amount of transactions has gone down to $20 million.
Now, the BAYC is betting that the altcoin’s social popularity will boost its price, just like it did when it was first released.
Will the Ape start leaping again?
The second Apefest, which started in October 2021 and will start again on June 20, could be a big reason for prices to change.
This may also be due to the growing value and demand of the largest NFT collection, which brought in $1.2 million in sales in just the last 18 days.
Also, Otherdeed NFTs, its second-largest competitor, which is also owned by Yuga Labs, the company that made BAYC NFTs, only made $461k.
Even though the total amount of BAYC sold has dropped by a lot, this is still the case. Even though it may seem like there is less demand, only 718 NFTs were sold last month because the value of BAYC went up.
In April, the average price of a BAYC went up to $145.5k. Last month, it went down to $124k. This is why, even though sales have been lower, more has been sold than when sales were very high.
In just the last two months, BAYC made $173 million in sales, which shows that the NFT collection is still a very valuable asset.
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