ApeCoin (APE) price hit $1.9 on Wednesday. The recent slump means that the APE token is now 92% below its all-time high price of $23.70, achieved in May 2022. Will it trigger a panic sell-off and push the ApeCoin price toward zero?
Bored Ape Yacht Club (BAYC) investors groan as ApeCoin (APE) price dropped to a new all-time low of $1.9 on Wednesday. Critical on-chain data suggest that whale investors could inflict further losses in the coming weeks.
Community Growth Has Not Impacted Price Positively
In contrast to the current price downtrend, the ApeCoin community has attracted many new joiners over the past month. On-chain data compiled by Santiment shows that 528 new ApeCoin wallet addresses were created on July 11.
This represents a massive 160% growth when compared to the 204 addresses recorded on June 1.
Network Growth tracks the number of new wallet addresses created on a blockchain network. This estimates the rate at which new users are joining the ecosystem.
The chart above illustrates that while ApeCoin Network Growth has increased by 160% over the past month, it has not impacted price positively. In fact, the ApeCoin price dropped by 38% during that period.
This bearish trend suggests that new joiners have hesitated to hold ApeCoin and deploy it for economic transactions.
Author: Ibrahim Ajibade
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