- Interest in APE amongst new addresses increased.
- The coin’s popularity on the social front went up high.
According to Messari’s recent data, new users have started to accumulate large amounts of APE over the last quarter. Roughly 650 new APE holders joined the ecosystem per day in Q1’23.
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Compared to Q3 and Q4 of 2022, the growth in the number of APE holders was much higher in the Q1 of 2023. The total number of new holders of APE stood at 60,000, at the end of last quarter.
Will the interest in APE last?
Due to the recent spike in interest, the number of new APE holders outweighed the number of long-term holders, at press time. This was indicated by the declining Long/Short difference. These new holders are much more likely to sell their holdings for a profit when they get a chance to do so.
However, the MVRV ratio for APE was negative indicating that most addresses’ APE holdings were not profitable. If the newer APE holders were to sell their holdings in a short period, they would be doing so at a loss. It is more likely that the new holders will sell their APE after its price grows and becomes profitable.
Therefore, it is plausible that APE might face a price correction in the future if its value appreciates further in the next few weeks.
On the social front, things have started to pick up for APE. Consider this- According to LunarCrush’s data, in the last week, social mentions and engagements surged by 55% and 66.8%, respectively.
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Along with gaining popularity on the social front, the overall sentiment around APE also witnessed improvements. Since the last week, the weighted sentiment around APE had been negative. However, over the last few days, it has been improving and has entered positive territory.
One of the reasons for the increase in positive sentiment would be the growing interest in the NFT collections associated with APE. Well, collections such as BAYC and MAYC witnessed an uptick in terms of sales, according to NFTGO’s data.
It is yet to be seen whether the interest in BAYC and MAYC is enough to keep APE holders staying in the game for the long run.
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