ApeCoin [APE] holders are losing faith and here are the top reasons
A section of these investors preferred HODLing in the latest recovery. They were active only twice in the previous two months.
The highest noted transaction volume coincidentally came on 20 July when figures touched $213 million.Investors’ appearance on that day did make sense. Some signs of selling were also observed. On 20 July, the total APE moved was collectively above its buying price. Thus, generating $48.84 million in the process.Going forward, ApeCoin is certainly dependent on the broader market for bullish cues. But it can also see growth in the NFT market since, at its core, it is an NFT token.
However, given that the situation in the NFT market isn’t improving, APE has very tough chances of recovery. Last month, NFT sales generated only a little over a billion dollars across all NFT marketplaces. And, this month the same is worsening since month to date, only $672 million worth of NFTs have been sold.Another $120 million is expected to be generated in the remaining five days, which would bring the total to a little under $800 million, which is not enough to trigger a recovery for APE.Subscribe to get it daily in your inbox.
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