APE Token Suffers 96% Loss: Analysts Predict Further Declines
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Almost all ApeCoin (APE) holders experience significant losses
Recent data from IntoTheBlock, a blockchain analytics platform, reveals that 96% of APE holders, which amounts to over 130,000 addresses, have incurred losses due to the token’s decline. This comes as APE’s value has plummeted by 96% since reaching its peak in April 2022. Analysts predict further declines in the near future.
Declining transaction activity accompanies price drop
The negative trend extends beyond APE’s price, affecting transaction activity as well. The number of active wallets has decreased by 61% in just one week, while daily transactions have dropped by 43%.
Huge losses for a single investor
One investor, who initially purchased 93,700 APE tokens for over $2 million, recently sold off their entire holdings at a price of $1.51 per coin. This resulted in a staggering loss of $1.5 million.
The rise and fall of APE
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APE gained significant popularity over the past year, particularly due to its association with Bored Ape Yacht Club (BAYC), a collection of non-fungible tokens (NFTs). The token experienced rapid growth, with its value surging to $26 in just one month after its launch in March 2022, marking a 220% increase.
The downfall of APE
Despite initial optimism and predictions of a bullish future, APE’s current value sits at around $1.46, representing a drastic 96% decrease from its all-time high. The token’s decline can be attributed to market volatility, the underperformance of the NFT market, and its lack of intrinsic value.
Additional reading:
– BAYC NFT floor price down 90% from $600,000 in 18 months
– BAYC affiliate ApeCoin donates $1 million to develop Ethereum
