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Almost every ApeCoin ($APE) holder is at a loss, as the token is down 96% from April 2022 peaks. Analysts expect even more draw-down in the coming sessions.
According to the data from IntoTheBlock, a blockchain analytics platform, 96% of $APE holders, representing over 130k addresses, are in red.
The decline isn’t solely in prices but extends to its transactional activity.
Active wallets are down 61% in the last week alone. Additionally, the daily transaction count has crashed by 43%.
One investor who initially bought 93,700 $APE for over $2 million, recently liquidated all holdings at $1.51 per coin, realizing a loss of $1.5 million.
$APE was a trending token last year.
Linked to the Bored Ape Yacht Club (BAYC), a popular non-fungible token ($NFT) collection, it became a sensation almost overnight.
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After launching in March 2022, $APE prices rocketed to $26 by April, surging 220% in a month.
Its branding, deeply rooted in the symbolism of aggressive trading strategies, resonated with a specific demographic of traders. Financial analysts even predicted a bullish future for the token.
However, its current landscape tells a different story. Today, $APE is trading at around $1.46, down 96% from its all-time high.
While $APE’s initial hype was fueled by its association with NFTs and optimistic financial forecasts, bulls couldn’t sustain this momentum.
Market volatility and the $NFT market’s poor performance, coupled with $APE’s lack of intrinsic value, appeared to have catalyzed the token’s collapse.
Read more: BAYC’s ApeCoin donates $1 million to Ethereum development