BAYC’s Recent Discontent Left ApeCoin (APE) in Confusion: Here’s How

Bored Ape Yacht Club (BAYC) has presented a disappointing performance MoM (month-on-month). Besides the declining profitability of the leading NFT collection, buyers appear to lose interest in them. Most market players believe the global non-fungible token market slump triggered BAYC’s downturn.

However, how can market players contemplate that the most popular collection boasted below 300 buyers throughout August? Nevertheless, that was BAYC’s case, witnessing only 263 new buyers throughout August.

That represented 16-month lows since the collection explored the lowest mark in April last year. Meanwhile, the NFT collection joined September with its underperforming spirit.

NFTGo data shows only 24 new buyers have traded Bored Ape Yacht Clun since early September. That indicated a 70% surge within the past seven days. Meanwhile, the underwhelming stance impacted its market capitalization, dropping to $1.74 billion during this publication.

Tagging Along

This redundancy stretched beyond BAYC. Its government coin, ApeCoin, also suffered similar fates. Assessing APE’s 30-day performance displayed a massively unimpressive bias. The alternative token changed hands at $4.25 during this publication, following the upsides toward the $7.30 high on August 7.

Coinmarketcap data shows APE plummeted by 11.10% within the past 24 hours. Nevertheless, it appears APEDAO was unbothered about ApeCoin’s price dip. Its latest tweet displayed its dedication to enhancing the governance infrastructure rather than dealing with prices.

Moreover, reactions from some traders (on the Twitter post) confirmed discontent with ApeCoin’s present performance.

On-Chain Analysis

Santiment’s data shows ApeCoin’s on-chain activity deteriorated since May’s impressive performance. The analytic platform stated that 7d APE circulation stood at 23.93 million. Last month’s high came at 45.09 million on August 12. Also, the 24hr active address metric remains in the drains.

While publishing this blog, this figure stood at 996, declining from August 7 at 5523. The narrative wasn’t different on the 4hr chart. The MACD (Moving Average Convergence Divergence) shows that most market players were selling their tokens.

Indeed, bearish momentum prevailed in the APE market. Thus, hopes of near-term revival could be unwelcoming at the moment.

What are your thoughts about BAYC’s latest performance? Feel free to leave a reply in the comment area below.

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