ApeCoin, the native token of Bored Ape Yacht Membership (BAYC) is presently nothing greater than a fantasy because it serves no use case other than being a governance token.
Regardless of that, it has one way or the other managed to carry losses to greater than 98% of its buyers in lower than 4 months since its launch.
Returning to its prehistoric state?
Launched at $8, APE was fast to rally and attain its all-time excessive of $27. The journey since then has been mortifying and devastating for buyers since APE is presently buying and selling at $3.5. The newest addition to its downfall got here with the 45.43% crash final week.
This has resulted in 98.22% of APE holders witnessing losses. Though the full variety of buyers in the mean time is a little bit over 73k, they nonetheless account for about $750 million value of APE.
This has resulted in a extreme decline within the complete quantity of APE transacted on-chain since buyers discover it wiser to carry their belongings till the state of affairs will get higher.
In lower than a month, the typical transaction quantity has decreased to only $20 million on common.
Now, the BAYC is banking on its social enchantment as soon as once more to skyrocket the altcoin’s worth because it did with its launch.
Will the APE start leaping once more?
The second iteration of the Apefest, which started in October 2021, is scheduled to happen from 20 June, which might doubtlessly be an enormous set off for the worth motion.
This may be propelled by the rising worth and demand of the largest NFT assortment, which within the final 18 days alone, has amounted to $1.2 million value of gross sales.
Furthermore, its second-biggest competitor, Otherdeed NFTs, which can be a property of Yuga Labs, the maker of BAYC NFTs, solely managed to rake in $461k.
That is even though the full variety of BAYC bought has decreased considerably. Though it could seem as a decline in demand, it’s truly as a result of improve in BAYC worth that merely 718 NFTs had been bought final month.
The common worth of a BAYC peaked in April at $145.5k, which decreased to $124k final month. This is the reason, regardless of lesser gross sales, the sale quantity has been larger than instances when gross sales had been large.
Within the final two months alone, BAYC generated $173 million value of gross sales, indicating that the NFT assortment was nonetheless a extremely valued asset. .