According to a recent blog post by the crypto analytics firm Delphi Digital, the number of unique addresses that hold APE has increased significantly in the last year.
Since March 2022, when there were 20,000 APE holders, the figure has risen to 100,000. The staking rewards program of APE could be one of the reasons why the number of APE holders is increasing.
According to data from Dune Analytics, more APE holders were betting on their APE. The TVL formed by staking the APE expanded as well.
In addition, the TVL earned by staking APE in the BAYC pool increased from $627,000 to $29.3 million by December 2022. The estimated Annual Percentage Yield (APY) at the time of writing was 224%.
Another reason why people are becoming more interested in the APE token is the popular NFT collections that go with it.
The Bored Ape Yacht Club (BAYC) has grown significantly in the last month. Its floor price increased by 4.07% in the last 30 days, as did the number of whales sold.
Mutant Ape Yacht Club (MAYC), another ApeCoin-related NFT collection, has also expanded. MAYC’s volume has increased by 52.31 percent in the last 30 days, according to DappRadar. MAYC had a total volume of $38.25 million at the time of publication.
Taking a look at chain
This interest produced by the NFT collections was also reflected in APE’s on-chain activity. The velocity of APE has grown dramatically in the last few days. This meant that the rate at which APE was exchanged between addresses increased.
During this time, the number of daily active APE users remained stable.
Despite growing interest and activity in APE, most APE holders continued to hold the token at a loss as its price fell.
The decreasing MVRV ratio of APE demonstrated this. The decreasing volume of loss transactions indicated that APE holders were prepared to hold on to their token and wait for a profitable transaction.
Many of the losers were short-term investors. The decreasing long/short differential for APE indicated this.
It is unclear if these short-term holders will continue to hang on to the APE token or cave to sale pressure.
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