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ApeCoin has announced its fourth-quarter performance, but the price of APE has declined. As Bitcoin-based NFTs gain popularity, interest in Yuga Labs NFTs has waned.
In recent months, competition in the NFT industry has intensified. With new entrants coming into the market, interest in blue-chip collections by Yuga Labs has gradually diminished.
ApeCoin reports strong performance in the fourth quarter. However, the recent quarterly report from ApeCoin [APE] DAO shows relatively favorable conditions. As of December 31, 2023, the treasury holds 348 million APE.
At the same time, the DAO spent 1.3 million APE on operations and disbursed $20.5 million in grants. The report elaborates on the allocations, emphasizing the DAO's commitment to transparency, including continued funding for 20 previously approved initiatives and the acceptance of 5 new grants by the community.
Not as bullish as Bitcoin
Despite the positive picture painted by ApeCoin's fourth-quarter report, things may be influenced by the overall sentiment at Yuga Labs. As APE is the token of Yuga Labs, it is closely tied to the NFTs in Yuga Labs' roster. Progress with NFT collections like BAYC and MAYC has made significant contributions to the overall growth of the APE token.
Though BAYC and MAYC have seen high sales volumes, they haven't been able to match up to other NFT series. Analysis by AMBCryptos on CryptoSlam data shows that BAYCryptos has lost its top spot for Bitcoin-based NFT collections. Collections like Crypto Punks and Mad Lads have entered the top-tier category of NFT collections, but MAYC is missing.
Progress of APE?
In terms of APE's status, it's evident that the price has significantly declined in recent times. After testing the $2.49 level in the past few days, the trading price of APE stands at $1.742.
The network growth of APE has also seen a decline in the past few days. The decrease in network growth indicates that new addresses are slowly losing interest in APE.
However, the velocity of APE has surged, indicating an increase in the frequency of APE transactions. |
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Post time 17-4-2024 10:57:56