• Apecoin [APE] recorded a temporary surge in the number of new holders between October and December 2022 prior to the launch of APE staking.
• According to Messari, the quick fall in the count of new APE holders revealed that more product development is needed to create long-term demand for the APE token.
• Krill accounts held 70.5% of APE’s total supply by the end of Q4 2022.
ApeCoin [APE] Price Prediction 2023-24
Apecoin [APE] recorded a temporary surge in the number of new holders between October and December 2022 prior to the launch of APE staking. In its new report titled „State of ApeCoin Q4 2022,“ Messari assessed the altcoin’s performance in Q4 2022 and found that this surge was likely due to the impending launch of APE staking.
Launch Of Ape Staking
APE staking was launched on 5 December and has since allowed holders to lock their APE tokens into four staking pools — ApeCoin pool, Bored Ape Yacht Club [BAYC] pool, Mutant Ape Yacht Club [MAYC] pool, and Paired pool. This allows them to earn yield periodically. Per data from Etherscan, 108,298,954.439971 APE tokens worth over $630 million have been locked so far. The quantum of staking rewards claimed grew rapidly after launch.
Decline In New Holders After Launch Of Staking
However, despite this initial interest, there was a drop in new holders after the launch of APE staking in Q4 2022 as an increase in staking rewards led to a surge in selling pressure for the altcoin, making it undesirable for many new holders according to Messari’s report.
Krill Accounts Held Majority Of Supply By End Of Quarter
Krill accounts held 70.5% of APE’s total supply by the end of Q4 2022 according to Messari’s Dune Analytics dashboard which had categorized account sizes based on average price per coin at $4 USD during quarter four (Q4).
112,323 unique wallets were holding APE’s total supply at end of quarter with majority being Krill accounts (70.5%).
Conclusion
Messari’s report suggests that more product development is needed to create long-term demand for ApeCoin [APE]. The quick fall in count of new holders revealed this need for further product development and marketing initiatives which could lead to growth within ecosystem going forward into 2023-24 and beyond .
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