- Average APE holders have increased in Q4 2022.
- The asset has gained over 60% in a month.
- ApeCoin was trading at a market price of $5.95.
With the Yuga Labs’ class action lawsuit getting close, ApeCoin, the native token of Bored Ape Yacht Club (BAYC) ecosystem, appears to be suffering, considering around 3% downfall yesterday. Messari, a data aggregator, recently issued a Q4 2022 performance report for APE. Data shows that the crypto asset is seeing growth on the network.
ApeCoin DAO Sees More Unique Voters in Q4
According to the report, average token holders increased by over 12% from 91,335 in Q3 2022 to 102,294 in Q4 2022. Moreover, the ecosystem appears to be recovering with the network seeing an over 33% rise in new wallets. Though, the asset price has plunged shockingly since the second quarter.
Fourth quarter has gained unique voters in the ApeCoin DAO. The report notes it is currently the most successful DAOs operating in the market. The moving average weighted by total votes in Ape Improvement Proposals (AIPs) fell drastically in the previous quarter. A gradual rise is visible since then, with AIP-134 bagging the most number of voters during Q4 2022.
The report also reveals that ApeCoin sharks have regained control over the market. They dominated the whales during October 2022 with around 60% of market share. Though whales took over the sector during the next couple of months, reacquiring the territory by the year’s end.
ApeCoin staking went live in December 2022, where the community members were allowed to use their NFTs including BAYC, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC) and their native crypto asset in the ApeCoin pool. Currently, there are $103.33 Million worth of assets staked in the pool. Kennel Club remains the least staked asset with only $3.03 Million staked assets while Apecoin stays at top with $44.4 Million.
ApeCoin (APE) Price Analysis
ApeCoin has gained over 65% since January 2023. The price broke out from the consolidation throughout mid-December 2022. The value is well above the Anchored VWAP levels, which puts the crypto asset in a bullish scenario. Regression channel supports this as the price has entered the oversold zone.
Balance of power shows increasing buyer dominance in the market and relative strength index (RSI) indicating an oversold position. Currently, ApeCoin holds a support level between $5.29 and $5.32, and a resistance between $6.60 and $6.63. The analysts at The Coin Republic predict the asset could go near $7 in March considering Yuga Labs will release a “Second Trip” to the Otherside metaverse.
The company recently launched Dookey Dash, a game set up in the Bored Ape universe. Though it is not clear whether it is connected to the Otherside metaverse, a few aspects point to such a possibility.
Disclaimer
Content given in the article should not be consumed as investment advice.
Source: https://www.thecoinrepublic.com/2023/02/03/apecoin-falls-by-almost-4-shark-wallets-dominated-q4-in-2022/