ApeCoin from the Bored Ape Yacht Club NFT collection was the most talked-about token launch of the year. It was able to attract a sizable number of investors very fast.
However, the bears prevented the token from performing properly. As a result, APE has recently witnessed a rapid exodus of investors from its network.
Within a month of its introduction, the NFT token reached an all-time high of £21.8 on April 29, 2022.
Come June 15, APE traded at £2.55 to hit its lowest price. The token stood at £4.76 on July 26, up
87.77% from its cycle low thanks to the market recovery.
APE has satisfactorily recovered from its most recent low, but the price volatility remains. In fact, the NFT token fell by 14% over the three days of July 23-25.
The total number of addresses on the network provides evidence of the same. The total number of APE holders stood at 77.58k as of July 20. However, more than 1.14k investors chose to exit their positions in the 24 hours that followed.
APE has since only been able to attract about 220 investors in the past week.
HODLers of the recent recovery were seen active only twice in the last two months.
Coincidentally, the biggest recorded transaction volume occurred on July 20, with the figures reaching £177 million.
Also seen were some indications of selling. The total APE moved on July 20 exceeded its buying price. As a result, £40.6 million was made in the process.
ApeCoin will undoubtedly rely on the broader market for bullish cues. However, since it is fundamentally an NFT token, it can also follow growth in the NFT market.
However, with not much changing in the NFT market, APE’s chances of recovering are extremely slim.
Only slightly more than £0.8 billion in total was earned by NFT sales across all NFT markets last month. Additionally, since only £559 million worth of NFTs have been sold this month so far, the situation is getting worse.
The remainder of the month is expected to generate an additional £99.8 million, bringing the total to just under £665 million. However, this amount is insufficient to cause APE to recover.