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.
As Apecoin Price Falls, Concentration of Large APE Holders Remains the Same
Just over two months ago, the crypto asset apecoin (APE) made headlines after the Apecoin DAO distributed millions of apecoin (APE) to NFT owners. APE was dropped to holders of BAYC, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC).
On March 17, APE was exchanging hands for $10.36 per unit or 53% higher than the price today ($4.81 per APE). After the launch, APE continued to rise in USD value and by April 28, apecoin reached an all-time high (ATH) of $26.70 per unit.
At that time, April 28, APE had a circulating supply of approximately 284,843,750 tokens and held the 22nd largest market valuation out of over 13,000 crypto assets. During the ATH, APE’s market cap also had a dominance rating of around 0.40%. Also, at the time, APE’s concentration of whale entities was quite large compared to most of the larger coins.
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.
Bitcoin.com News reported on April 23 that 52% of outstanding APEs were held by 100 addresses. The distribution of APEs has not changed much since the start of the crypto winter and the value of the crypto economy continues to decline. Statistics from coincarp.com’s APE rich list indicate that the top 100 wallets hold 51.21% of the circulating supply.
Metrics from intotheblock.com shows that apecoin (APE) has a Concentration of Large Holders rating of around 91% today. That’s a whole lot more concentrated than bitcoin’s (BTC) rating today which is around 10%.
APE Transfers Decline, Interest in Apecoin Search Queries Drops 95%
Today, the top ten APE holders control 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 the APE recorded 1,009,507 transactions in total, the average is around 2,000 to less than 1,000 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.
Data from Google Trends (GT) indicates that in the week of March 13-19, the search term “apecoin” reached the highest score of 100. This week, the search query “apecoin” has a score of 5, according to the World GT. statistics on July 10, 2022.
