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ApeCoin (APE) saw a remarkable arrival in the industry, being the project of the NFT market in space. Moreover, the alternative token gained approximately 372% within 45 days. With over 10% continued gains, APE recorded a massive upward move to $23.7 from $5 without a hurdle. Nevertheless, the token saw swift declines, matching the upward magnitude.
ApeCoin started declining on its charts even before the broad market plunge of May 5, and the alternative token lost around 75.89% within 13 days. The market-wide crash contributed to ApeCoin’s downside trends.
Though the token has recovered by nearly 55%, its enthusiasts have started displaying some fascinating appearances.
APE Investor on Exodus
Investors have not been energetic on the ApeCoin marketplace since the week-long upsurge between April 25 and May 2. For now, the altcoin boasts 69.6K addressed holding APE. Surprisingly, only 2.6K addresses (on average) conduct day-to-day transactions on the platform.
The 2.6K count represents only 3.7% of total APE token holders, but besides presence, holders’ absence is more concerning. ApeCoin had nearly 88.7K active addresses when the altcoin touched the $23.63 ATH. However, the gradual declines after the all-time high saw the following 24hr losing 19.5K investors (22% of total investors) who booked profits. Moreover, these players are yet to return, and neither has ApeCoin attracted new investors.
Still, the remaining investors are dumping their tokens on exchanges, looking for profits rather than holding to support recoveries. Such developments had nearly 2 million ApeCoins, worth about $15.92 million, sent to crypto exchanges within five days when prices climbed to $7.96.
However, who can blame individuals who are only in the game to earn money? Moreover, their exit remains logical since ApeCoin’s network supply has averaged losses in May.
On the other side, the overall crypto market saw escalated declines overnight. Bears aren’t ready to surrender soon. While writing this blog, the cumulative crypto market value stood at $1.24 trillion, following a 3.13% drop within the past day. Moreover, Bitcoin fails to reclaim $30,000 amid falls beneath the area whenever an uptick emerges. BTC traded at $29,343.51 at this publication, shedding 1.52% in a day.
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