In mid-March 2022, Bored Ape Yacht Club’s (BAYC) Apecoin DAO launched and airdropped millions of Apecoin tokens to certain NFT holders The crypto asset dedicated to the BAYC ecosystem hit an all-time high two months ago, reaching $26.70 per unit on April 28. However, apecoin has dropped more than 81% since that date, despite the fact that 80,744 unique addresses own APEs, with the top 100 addresses controlling 51.21% of the circulating supply.
While Apecoin’s price has fallen, the concentration of large APE holders has not
changed.
Just two months ago, the crypto asset Apecoin (APE) made headlines when Apecoin DAO distributed millionsof Apecoin (APE)to NFT owners. APE is a member of BAYC, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC) and were airdropped to owners of BAKC.
On March 17, APEs traded at $10.36 per unit, 53% higher than today’s price ($4.81 per APE). After its launch, the U.S. dollar value of APEs continued to rise, and on April 28, apecoin reached an all-time high (ATH) of $26.70 per unit.
At that point on April 28, APE’s circulating supply was approximately 284,843,750 tokens and held the22nd largest market valuationof more than 13,000 crypto assets. during the ATH, APE’s market cap had a controlling valuation of about 0.40% as well. During the ATH, APE’s market capitalization similarly had a controlling valuation of about 0.40%. Additionally, the concentration of whale entities in APE at the time was considerably greater than most top coins.
Today, it is a very different story, at least with regard to APE’s crypto market performance. Over the past month, APE coin has fallen 14.5% against the US dollar, but has seen an 8.2% gain over the past seven days. To date, APEs are down 81% since the ATH in crypto assets, but what hasn’t changed much is the concentration of whales.
Bitcoin.com News reported on April 23 that 52% of APEs in circulation are held by 100 addresses. the distribution of APEs has not changed much since the crypto winter began and the value of the crypto economy continues to decline. coincarp Statistics fromon .com. the APE rich listshows that the top 100 wallets own 51.21% of the circulating supply.
41} According to an index from intotheblock.comtoday, Apecoin (APE) has a concentration rating of about 91% of large holders. This compares to an overall concentration rating of about 10% for Bitcoin (BTC) today.
APE transfer volume down, interest in Apecoin search queries down 95%
Today, July 10, the top 10 APEs accounted for 8.01% of supply, the top 20 addresses accounted for 13.01% and the top 50 APE addresses accounted for 28. 01%; APEs have a total of 1,009,507 transactions, but are averaging between 2K and less than 1K transfers per day.
On July 9, 2022, 819 APE transfers were recorded, with $71.24 million worth of APEs during the last week, a transaction tied to transfers of $100,000 or more per transaction. Search data further indicates that interest in Apecoin (APE) has slid significantly over the past two months.
According to Google Trends (GT) data, during the week of March 13-19, the search term “apecoin” had the highest score of 100; according to the July 10, 2022 global GT index, the search query “apecoin” scored 5 this week.
What do you think about apecoin’s market performance over the past two months? What do you think about whale concentration? Let us know your thoughts on this subject in the comments section below.
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