Back in mid-March 2022, Bored Ape Yacht Club’s (BAYC) Apecoin DAO launched and airdropped millions of apecoin tokens to specific NFT holders. The crypto asset dedicated to the BAYC ecosystem tapped an all-time high two months ago reaching $26.70 per unit on April 28. However, apecoin is down more than 81% since that day and despite the fact that 80,744 unique addresses own APE, the top 100 addresses control 51.21% of the circulating supply.
Today, is an entirely different story, at least for APE’s crypto market performance. During the past month, apecoin has shed 14.5% against the U.S. dollar but did see an 8.2% rise during the past seven days. To date, APE is down 81% since the crypto asset’s ATH but what hasn’t changed much is the whale concentration.
Today, the top ten APE holders command 8.01% of the supply, the top 20 addresses hold 13.01% and the top 50 APE addresses hold 28.01% on July 10. While APE has seen 1,009,507 transactions total, it’s been averaging around 2K to under 1K per day in transfers.
On July 9, 2022, 819 APE transfers were recorded and during the last week, $71.24 million worth of APE was transactions tied to transfers greater than $100K per transaction. Search data further shows that interest in apecoin (APE) has slid a great deal in the last two monts.
Google Trends (GT) data indicates that on the week of March 13th through the 19th, the search term “apecoin” tapped the highest score of 100. This week, the search query “apecoin” has a score of 5, according to worldwide GT metrics on July 10, 2022.
What do you think about apecoin’s market performance during the past two months? What do you think about the whale concentration levels? Let us know your thoughts about this subject in the comments section below.