ApeCoin has been subject to much volatility from the broader market since its launch. Although investor interest in the token has declined in the past, it now seems that with an increasing number of token holders, MONKEY will sail successfully through difficult times.

Here are AMBCryptos Price prediction for ApeCoin for 2022-2023

As can be seen in the image below, the number of token holders has grown tremendously this year.

The cohort of token holders is divided and split in many terms. “Whales” are the token holders with huge pockets and investment capital while “Krills” on the other hand point to regular retail investors.

The number of Krills with the ApeCoin token outgrew the number of whales.

Source: Messari

In addition to the growth in the total number of token holders, there was also a spike in ApeCoin’s network growth.

This means that the number of new addresses that ApeCoin transferred for the first time has increased. This indicated that there was a renewed interest in APE due to new addresses.

Source: Santiment

Some DAOts and Concerns

However, ApeCoin showed some bearish signs over the past month.

Total volume has plummeted by 49.52% in the last 30 days. The MVRV ratio was also observed to decline in recent weeks, pointing to a possible bearish outlook for ApeCoin in the near future.

However, in recent days, the rate of APE has witnessed a massive spike, indicating that the frequency with which ApeCoin was transferred under addresses grew.

Source: Santiment

Another positive factor for APE holders was the decline in the supply of APE held by BAYC and MAYC owners. BAYC and MAYC owners still make up a large part of the voting cohort due to the initial eligibility for airdrop claims the NFT owners have received.

However, over time, their aggregate supply was observed to decrease, which was another indicator of ApeCoin’s move towards more decentralization.

Source: Messari

That said, at the time of writing, APE grew 5.67% in the past 24 hours and volume grew 41.90%. However, other assets in the Bored Ape community, such as BAYC, saw a 37.14% depreciation in their average price over the past week.



This post Reasons why ApeCoin [APE] token holders should celebrate

was published first on https://ambcrypto.com/reasons-why-apecoin-ape-token-holders-should-be-celebrating/

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