It was the end of March when ApeCoin (APE) was launched by the teams at Yuga Labs. In such a short period of time, APE gained unmatched success. It even managed to defeat all the cryptocurrencies within the NFT sector, being considered the largest coin in the NFT ecosystem.
ApeCoin even exhibited the largest market valuation of $7.46 billion when it hit the all-time high price of $26.19 on April 29. In the entire history of the cryptocurrency industry, not many cryptocurrencies have exhibited such promising growth.
Even Bitcoin or Ether wasn’t able to gain much traction in the initial years of their debuts. The charts show that in a month and a half of its launch, APE grew by 371.81%. One of the major advantages for APE was being a token of the largest collection of non-fungible tokens.
The Rise and Fall of APE
Unfortunately, despite being the largest cryptocurrency within the NFT sector, its price has fallen as quickly as it went up.
While the Terra crash was among the reasons for APE’s price fall, it had already started to taste defeat. After the April 29 AHT, APE’s price started to face downwards. It continues exhibiting lower trends.
From a high of $26.19 on April 29, APE had already fallen to $23.32 by April 30. APE stepped into the month of May at a price of $20.2 and its first trading day of May ended at $18.44. From April 29 to May 1, APE had already experienced an almost 21% loss in value.
Even then, APE’s price continued traveling downwards and with the addition of the Terra calamity, things worsened by May 12, when it hit the bottom at $5.29.
APE’s Current Price and Market Sentiments
The charts show that in a matter of 13 days, APE ended up losing 75.89% of its entire value. Even though APE’s price has somewhat recovered, it hasn’t swelled much to regain the trust of most of the investors. At the time of writing, APE’s price is worth $7.88, showing its value has retained almost 49% of its overall value.
Still, the investors are preferring to desert APE, causing a huge negative impact on the market value of the largest NFT coin. The report by the analysts shows that the input of the investors on the protocol has lowered tremendously.
The on-chain firms have confirmed that there are almost 70k addresses connected to the ApeCoin protocol. Out of which, only 2.6k addresses are showing some sort of activity on the network. The 2.6k addresses only comprise 3.7% of the total addresses.
Being a cryptocurrency within the NFT and the metaverse sector, ApeCoin has its limitations. Therefore, the only purpose people are acquiring APE is to profit by selling them whenever things become favorable. The analysts suspect that APE will regain its glory if it keeps organizing events such as the ‘Otherside’.