In mid-March 2022 Bored Ape Yacht Club (BAYC’s) Apecoin DAO launched. It airdropped millions to NFT holders and issued them with apecoin tokens. Two months ago, the crypto asset that is dedicated to the BAYC ecosystem reached an all-time high of $26.70 per unit.
Despite the fact that apecoin has fallen more than 81% in the past two months, and despite the fact 80,744 addresses possess APE, only 100 addresses have 51.21% of the circulating supply.
Apecoin’s price drops, but the concentration of large APE holders remains constant
Two months ago, APE (crypto asset) was the talk of the town after Apecoin DAO distributed millions of APECOIN (APE), to NFT holders. APE was distributed to Mutant Ape Yacht Club, BAYC and Bored Ape Kennel Club holders (BAKC).
APEX was trading hands on March 17th, at $10.36 per unit. This is 53% more than today’s price of $4.81 per APE. APEcoin’s USD value continued to climb after the launch. APEcoin was trading at $10.36 per unit on March 17, or 53% more than today ($4.81 per APE).
APE’s circulating supply was around 284,843,750 tokens at April 28th. It also held the 22nd highest market value among 13,000+ crypto assets. APE’s market capital had a dominance rating around 0.40% during the ATH. APE’s concentration in whale entities at that time was much higher than most top coins.
Today is a completely different story, at most for APE’s crypto-market performance. Despite losing 14.5% against the U.S. Dollar over the past month, apecoin saw an 8.2% increase during the last seven days. APE has fallen 81% to date since the crypto asset’s ATH, but the whale concentration has not changed much.
Bitcoin.com News reported that 100 addresses held 52% of APE currently in circulation on April 23. The distribution of APE has not changed significantly since the crypto winter began and the value of the crypto economy continues to decline. According to the APE rich list, the top 100 wallets hold 51.21% of the total circulating supply.
Metrics from totheblock.com show that APEcoin (APE), has a Concentration Of Large Holders rating around 91%. This is a lot more concentrated than the bitcoin ( BTC) rating of around 10%.
APE Transfers Fall, Apecoin Search query Interest Drops 95%
Today’s top ten APE owners hold 8.01% of supply, while the top 20 APE addresses have 13.01%. The top 50 APE addresses currently hold 28.01%. APE has witnessed 1,009,507 transactions, but it’s averaged between 2K and 1K daily in transfers.
Google Trends searches for “apecoin”, which is the term used in the Google Trends search engine, have declined 95% since March 20, 2022.
819 APE transactions were made on July 9, 2022. In the past week, $71.24million was spent on APE transactions that involved transfers exceeding $100K. Further, search data shows that APEcoin’s interest has declined a lot in the past two months.
Google Trends (GT), data shows that the search term “apecoin”, tapped the highest score, which was 100, during the week from March 13th to the 19th. According to global GT metrics, this week’s search query “apecoin”, has scored a score 5 on the 10th of July 2022.