Apecoin [APE] staking might have been its undoing in Q4 2022, new report shows

Please fol­low and like us:
Pin Share

  • APE suf­fered a drop in new hold­ers after the launch of APE stak­ing in Q4 2022.
  • Krill accounts held 70.5% of APE’s total sup­ply by the end of Q4 2022.

A per­sis­tent decline in Apecoin’s [APE] val­ue in Q4 2022, aggra­vat­ed by the unex­pect­ed implo­sion of cryp­tocur­ren­cy exchange FTX, Mes­sari, in a new report, found that the meme coin record­ed a tem­po­rary surge in the num­ber of new hold­ers between Octo­ber and Decem­ber 2022.


Read ApeCoin [APE] Price Pre­dic­tion 2023–24


In its new report titled “State of ApeCoin Q4 2022,” Mes­sari assessed the altcoin’s per­for­mance in Q4 2022 and found that the count of its new hold­ers increased momen­tar­i­ly pri­or to the launch of APE staking.

Messari’s report suggests…

Accord­ing to Mes­sari, the APE ecosys­tem saw an influx of about 500 new hold­ers per day dur­ing the fourth quar­ter, as indi­cat­ed by the num­ber of unique wal­let inter­ac­tions. It not­ed fur­ther that this surge in inter­est in Q4 was like­ly due to the impend­ing launch of APE staking.

Source: Mes­sari

APE stak­ing was launched on 5 Decem­ber and has since allowed hold­ers to lock their APE tokens into four stak­ing pools — ApeCoin pool, Bored Ape Yacht Club [BAYC] pool, Mutant Ape Yacht Club [MAYC] pool, and Paired pool. This allows them to earn yield peri­od­i­cal­ly. Per data from Ether­scan, 108,298,954.439971 APE tokens worth over $630 mil­lion have been locked so far.

Fur­ther to the launch of the stak­ing fea­ture, the quan­tum of stak­ing rewards claimed grew rapid­ly. The stak­ing rewards were issued after a pro­pos­al was passed through the DAO gov­er­nance system. 

How­ev­er, the count of new hold­ers declined as the increase in stak­ing rewards led to a surge in sell­ing pres­sure for the alt­coin, mak­ing it unde­sir­able for many new hold­ers. Accord­ing to Mes­sari, the quick fall in the count of new APE hold­ers revealed:

“That more prod­uct devel­op­ment is need­ed to cre­ate long-term demand for the APE token.”

Source: Mes­sari

The little ones held more APE tokens 

Per its Dune Ana­lyt­ics dash­board, Mes­sari had cat­e­go­rized the size of APE hold­ing accounts based on the aver­age APE price of $4 in Q4 2022. 


Is your port­fo­lio green? Check out the APE Prof­it Calculator


The account sizes are divid­ed into dif­fer­ent cat­e­gories: Krill ($250 or less), Fish ($250 to $2,500), Seal ($2,500 to $12,500), Dol­phin ($12,500 to $25,000), Shark ($25,000 to $250,000), and Whale ($250,000 or more). 

At the end of Q4, 112,323 unique wal­lets were hold­ing APE’s total sup­ply, with 70.5% of the hold­ers being Krill accounts, 20.51% being Fish, 5.92% being Seal, 2.03% being Dol­phin, 1.17% being Shark, and 0.33% being Whale. The Krill accounts saw a sig­nif­i­cant increase in the quar­ter, while the mid­dle tiers (Fish, Seal, and Dol­phin) saw a decrease in their share.

Source: Mes­sari

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *