Why ApeCoin, BAYC, MAYC lag behind Bitcoin NFT in Q4 2023?

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By journalsofus.com


  • ApeCoin reports positive Q4, but APE price declines.
  • Interest in Yug Labs NFTs waned as the popularity of Bitcoin-based NFTs increased.

The NFT sector has become increasingly competitive over the past few months. With the entry of new entrants into the market, interest in Yug Labs’ blue chip collection gradually waned.

ApeCoin reports positive Q4

However, ApeCoin [APE] The DAO’s recent quarterly report showed that things were going relatively well. As of 31 December 2023, the treasury had 348 million APEs.

Meanwhile, the DAO spent $1.3 million APE on operations and distributed $20.5 million APE in grants.

The report emphasizes The DAO’s commitment to transparency by detailing grant allocation, including continued funding for 20 previously approved initiatives and the approval of five new grants by the community.

Source:

not as good as bitcoin

Even though ApeCoin’s Q4 report paints a positive picture, things could be affected by the overall sentiment around Yuga Labs.

Because APE is a Yuga Labs token, it is highly correlated to the NFTs in the Yuga Labs group. The progress of NFT collectibles like BAYC and MAYC contributed significantly to the overall growth of the APE token.

Even though both BAYC and MAYC had high sales volumes, they were not comparable to other NFT collections.

AMBCryptos’ analysis of CryptoSlam data revealed that BAYC has lost the top spot to Bitcoin [BTC]-based NFT collection.

Collections like Crypto Punks and Mad Lads were also seen entering the top NFT collection category, however, MAYC was nowhere to be found.

Source: Crypto Slam

How’s APE doing?

Talking about the situation of APE, it was seen that there has been a huge decline in the price in the last few days. At press time, APE was trading at $1.742 after testing the $2.49 level over the past few days.

APE’s network growth has also declined in the last few days. Falling network growth indicated that new addresses were gradually losing interest in APE.

However, the APE’s momentum increased, meaning that the frequency at which the APE was trading increased.

Source: Sentiment


read appcoin [APE] Price Forecast 2023-2024


In terms of the MVRV ratio, a large decline was observed, indicating that the majority of holders were not profitable. Additionally, the long/short gap widened, indicating that long-term holders outweighed short-term holders.

This meant that due to the price correction, all short-term holders had sold their stakes. Long-term HODLers are less likely to sell their holdings and react to market fluctuations.

Source: Sentiment

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