• Sun. Feb 25th, 2024

What This Development Has for New ApeCoin (APE) Enthusiasts

Lisa Reyes

ByLisa Reyes

Nov 7, 2022

Messari, a recognized cryptocurrency analytics site, recently tweeted about the number of new market players flocking to the ApeCoin ecosystem. Considering the growth in NFTs’ popularity, APE might eventually capitalize on ApeCoin’s current hype.

New Users Beware

Messari chart shows APE holders grew substantially in the third quarter. That could have emerged from ApeCoin’s increased partnerships. The asset’s velocity mimicked the holders’ growth, presenting an uptick. That showed the rate at which ApeCoin change wallets soared.

Also, the alternative token saw increased interest from deep-pocketed investors. Santiment’s chart confirmed an upsurge in supply by whale addresses within the previous few days. Nevertheless, ApeCoin’s 24hr active wallets have been volatile over the past few months.

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APE NFTs Surge

The APE-related non-fungible tokens (NFT), including MAYC and BAYC, recorded a dip. The Bored Ape Yacht Club saw its floor price plummet by 4.23% within the past week, whereas the seller metric surged 38.59%.

Nevertheless, MAYC noted some growth. NFTGo chart confirms that the Mutant Ape Yacht Club recorded a sales volume surge over the previous seven days. The sales count increased by 30.08% within that timeframe. Also, the liquidity soared by a similar magnitude.

Nevertheless, ApeCoin recorded a sharp decline in transaction count over the last few days, regardless of the increasing APE-related NFTs popularity. Unlike the transaction metric, the crypto’s volume remained elevated.

The index has grown exponentially since October 7, climbing to press time 367.76 million from 93.33 million. Meanwhile, its MVRV (Market Value-Realized Value) saw an upsurge. That might suggest high selling momentum in the coming times.

While publishing this blog, APE traded at $5.07, declining by 5.17% within the previous 24 hours. That’s according to Coinmarketcap’s data. Meantime, its volatility surged 23% within the last seven days. That showed it might be risky to purchase the alt around its press time price levels.

ApeCoin’s declines over the previous day emerged as the overall market flashed bearishness. Bitcoin surrendered its upward journey following the failure to break the hurdle at $21K. While publishing this content, the leading cryptocurrency changed hands at $20,801, dropping 1.82% over the past day. Let’s wait for what the coming hours will have.

Editorial credit: David Esser / shutterstock.com

Lisa Reyes

Lisa Reyes

Lisa Reyes is a skilled and experienced news writer known for her compelling storytelling and in-depth research. With a dedication to delivering accurate and informative news coverage, her articles provide readers with a comprehensive understanding of current events.

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