The exchange rate for ApeCoin has dropped significantly. Interest in the APE token has decreased and so have NFTs related to the token.
The announcement of reward staking for ApeCoin [APE] has generated a lot of interest. There has been an increase in the buying of the show itself, as well as the NFT associated with it. However, within days of the announcement, interest in APE faded. One of the reasons for the decline in interest in APE may be the decline in rewards from the staking pool.
According to data provided by Dune Analytics, personal voice payments have decreased significantly. Also, another reason for the decrease in interest in ApeCoin could be the effect caused by Binance FUD.
According to DEX data, APE has lost a lot since December 11. Although a large number of sales have ended, the increase in purchases is not enough to restore much confidence in the show.
It’s not just fate that matters. NFT collections linked to ApeCoin, such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) are also affected.
One area of concern is the average land value of the BAYC collection. As the chart below shows, land prices have decreased by 4.85% in the last seven days. The price of NFT sales also decreased by 2.37% during the same period. The MAYC collection is also affected by this category. Its bottom price has decreased by 3.7% and its average price has fallen by 2.19% in the last seven days, according to NFTGO.
The highest price of shares of ApeCoin
ApeCoin looked negative even in terms of on-chain metrics.
Its daily active address has decreased, indicating that activity on the ApeCoin network has decreased. Similarly, the growth of its network has also declined. Slowing network growth has led to the number of new users transferring to APE for the first time.
However, the speed of APE has increased, indicating that the number of new addresses delivering APE has decreased.
These factors led to a decrease in APE prices. Because prices are falling, market value and market value (MVRV) are falling. A low MVRV ratio suggests that if many people sell, they will do so at a loss.
However, the long/short APE gap has increased. This means that older HODLs who have owned the token for a long time can still profit if they sell their token. Whether long-term APE holders will succumb to selling pressure or weather the storm remains to be seen.