Apecoin (APE) price slides to a new all-time low of $1.50 on Aug 17, bringing it 94% below its $23.65 peak attained just over a year ago. The on-chain analysis examines the chances of a possible price recovery in the coming weeks. 

Apecoin (APE) is an ERC-20 token native to the popular Bored Ape Yacht Club (BAYC) NFT ecosystem. Underwhelming demand in the global NFT market and the altcoin market downturn in recent weeks have combined to condemn APE to a new all-time low on August 17.

What are the chances that APE Coin will attract the attention of eagle-eyed crypto investors looking to buy undervalued altcoins in the coming weeks? 

The APE Coin Sell-Off May Not Be Over Yet 

According to on-chain data, Apecoin long-term holders began to abandon ship when the price first tested $2 around mid-June.

In an indication of this, Santiment’s chart below depicts how APE Mean Coin Age began to decline around June 14. And between June 14 and August 18, it has now dropped by 46% from 56.59 to 34.50. 

Mean Coin Age gauges the confidence among long-term investors in a blockchain network. 

It is derived by computing the average number of days that coins in circulation have spent in their current wallet addresses. As seen above, a persistent decline signals that many existing
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Author: Ibrahim Ajibade

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