ApeCoin, the native token of Bored Ape Yacht Membership (BAYC) is at present nothing greater than a fantasy because it serves no use case aside from being a governance token.
Regardless of that, it has by some means managed to deliver 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 at present buying and selling at $3.5. The latest 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 whole variety of buyers for the time being is a bit over 73k, they nonetheless account for about $750 million price 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 property till the scenario will get higher.
In lower than a month, the typical transaction quantity has lowered to simply $20 million on common.
Now, the BAYC is banking on its social attraction 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 may doubtlessly be an enormous set off for the value motion.
This may be propelled by the rising worth and demand of the most important NFT assortment, which within the final 18 days alone, has amounted to $1.2 million price 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 supposing the whole variety of BAYC offered has lowered considerably. Though it could seem as a decline in demand, it’s really as a result of improve in BAYC worth that merely 718 NFTs had been offered final month.
The common value of a BAYC peaked in April at $145.5k, which lowered to $124k final month. That is why, regardless of lesser gross sales, the sale quantity has been larger than instances when gross sales had been enormous.
Within the final two months alone, BAYC generated $173 million price of gross sales, indicating that the NFT assortment was nonetheless a extremely valued asset. .