Despite being a popular asset among whales, Apcoin fails to deliver any performance on the cryptocurrency market.
- Apcoin market performance
- migration issues
ApeCoin has become one of the most traded assets with 5,000 largest Ethereum addresses in the past 24 hours. Traders have transferred over $20 million worth of tokens in the past 24 hours. The total trading volume for the same period stood at about $250 million.
In addition to being actively traded on whale addresses, the 100 largest Ethereum whales also have APEs worth approximately $20 million on their addresses, making it the largest holding of all assets in the cryptocurrency market.
Apcoin market performance
Despite the high activity of Ethereum whales, Apcoin’s market performance remains extremely weak as the asset’s volatility has remained around 1%, if not even less, over the past two days. Such low activity by traders and investors is associated with the absence of a use case and the collapse of the NFT industry in general.
As far as profitability is concerned, the APE has lost almost 80% of its value since hitting new highs in April.
After a highly successful coin distribution, APE caused massive upheaval on the Ethereum network, fueling massive fee spikes, congesting the network and rendering decentralized applications on top of it unusable.
Shortly after, the developers behind the NFT collection and coin offered the community to move the coin over their network to avoid issues with Ethereum in the future, despite being accused of providing problematic code in the contract.
Despite the proposal, the DAO behind Apcoin and BAYC Collection expressed his negative opinion, saying that APE should stay on the Ethereum chain, and go nowhere.