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ApeCoin is down 70%+ since the Otherside launch — Can Yuga Labs turn the ship around?

Cryptocurrency May 11, 2022 05:00PM ET
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ApeCoin is down 70%+ since the Otherside launch — Can Yuga Labs turn the ship around?

ApeCoin (APE), the new cryptocurrency that was recently launched by Yuga Labs, aims to be the bedrock of the Otherside metaverse and recently, the token has experienced massive volatility leading into and after its digital land sale. APE’s price dropped from $26 at the peak on Apr. 28 to $14 on May. 2 — more than a 45% drop within a few days of the mint. The price has now dropped to the $6 range.

Given the current volatility, investors will be wondering if ApeCoin price will ever recover to its previous trading range. Let’s first take a look at the historic price trend, particularly what happened on the Otherdeed mint day; then take a deeper dive into the amount of APE that will be locked and released in the next three years. This will provide a better understanding of the supply and demand dynamics that could affect the price going forward.

APE historic hourly price since launch. Source: CoinGecko
MAYC & BAYC average price, volume pre-mint. Source: OpenSea

What happened to the Dutch auction?

The delayed mint created additional problems

APE price dropped by 18% from the original mint time to the actual mint time. Source: TradingView

The guaranteed mint for KYC’d wallets vanished

Gas fees skyrocketed during the actual mint

Continuous supply increase adds downside pressure to APE price

APE coin monthly additional supply amount. Source: ApeCoin
APE coin cumulative supply breakdown in % by allocated groups. Source: ApeCoin
APE locked-up from Otherdeed vs. cumulative monthly supply. Source: ApeCoin and Otherside
APE price vs. utilisation (trading volume / circulating supply). Source: CoinGecko API

Continue Reading on Coin Telegraph

ApeCoin is down 70%+ since the Otherside launch — Can Yuga Labs turn the ship around?
 

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