NFT Whales HODLing Bearish Apecoin After ERC-20 Token Price Drops

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Earlier this year, crypto news broke when Apecoin (APE) was finally introduced and released to specific NFT owners, being airdropped to Bored Ape Yacht Club, Mutant Ape Yacht Club and Bored Ape Kennel Club holders. The new ERC-20 token enjoyed a steady rise up until the end of April, reaching its all time high of $26.70 per unit before starting its fateful downturn. Despite having slumped a staggering 81 percent since its unprecented peak just months ago, APE’s large concentration of whales remain resilient by continuing to hold a majority of the cryptocurrency’s circulating supply.

Back in mid-March 2022, Bored Ape Yacht Club’s (BAYC) Apecoin DAO launched and airdropped millions of apecoin tokens to specific NFT holders. The crypto asset dedicated to the BAYC ecosystem tapped an all-time high two months ago reaching $26.70 per unit on April 28. However, apecoin is down more than 81% since that day and despite the fact that 80,744 unique addresses own APE, the top 100 addresses control 51.21% of the circulating supply.

While Apecoin’s Price Slips Lower, Concentration of Large APE Holders Remains the Same

Just over two months ago, the crypto asset apecoin (APE) made headlines after the Apecoin DAO distributed millions of apecoin (APE) to NFT owners. APE was airdropped to BAYC, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) holders.

On March 17, APE was exchanging hands for $10.36 per unit or 53% higher than the price today ($4.81 per APE). After the launch, APE continued to rise in USD value and by April 28, apecoin reached an all-time high (ATH) of $26.70 per unit.

At that time on April 28, APE had a circulating supply of around 284,843,750 tokens and it held the 22nd largest market valuation out of 13,000+ crypto assets. During the ATH, APE’s market cap had a dominance rating of around 0.40% as well. Moreover, at the time APE’s concentration of whale entities was quite large in comparison to most of the top coins.

Today, is an entirely different story, at least for APE’s crypto market performance. During the past month, apecoin has shed ​​14.5% against the U.S. dollar but did see an 8.2% rise during the past seven days. To date, APE is down 81% since the crypto asset’s ATH but what hasn’t changed much is the whale concentration.

Top 100 Apecoin Holders Control Over 51% of the Supply, APE Lost 81% in 2 Months
Apecoin metrics from on July 10, 2022. News reported on April 23, that 52% of the APE in circulation was held by 100 addresses. APE distribution has not changed much since the crypto winter started and the crypto economy’s value continues to slide. Statistics from’s APE rich list indicate that the top 100 wallets own 51.21% of the circulating supply.

Metrics from shows that apecoin (APE) has a Concentration of Large Holders rating of around 91% today. That’s a whole lot more concentrated than bitcoin’s (BTC) rating today which is around 10%.

APE Transfers Decline, Apecoin Search Query Interest Drops 95%

Today, the top ten APE holders command 8.01% of the supply, the top 20 addresses hold 13.01% and the top 50 APE addresses hold 28.01% on July 10. While APE has seen 1,009,507 transactions total, it’s been averaging around 2K to under 1K per day in transfers.

Top 100 Apecoin Holders Control Over 51% of the Supply, APE Lost 81% in 2 Months
Google Trends search queries for the term “apecoin” declined by 95% since the second week of March 2022.

On July 9, 2022, 819 APE transfers were recorded and during the last week, $71.24 million worth of APE was transactions tied to transfers greater than $100K per transaction. Search data further shows that interest in apecoin (APE) has slid a great deal in the last two months.

Google Trends (GT) data indicates that on the week of March 13th through the 19th, the search term “apecoin” tapped the highest score of 100. This week, the search query “apecoin” has a score of 5, according to worldwide GT metrics on July 10, 2022.

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