Sharks Dominated ApeCoin APE's Trading Volume in Q2 2023

blockchain.news:

In a recent report released by Messari, ApeCoin (APE), an ERC-20 token used for governance of the ApeCoin DAO, experienced significant changes in Q2 2023. The report provides an in-depth analysis of APE's performance, governance, and future plans.

The report highlights that the trade volume of APE was dominated by sharks, traders with daily trading volumes between $1 million and $10 million, for the first time since APE's inception. This shift marked a significant change in the trading dynamics of the token.

In Q2 2023, approximately 25 million APE was unlocked to non-DAO entities, and nearly 26 million APE was claimed by Yuga ecosystem asset and APE holders. This increased sell pressure potentially contributed to a 32% drop in the average APE price.

Governance within the ApeCoin DAO also saw changes with the election of two new Special Council members. This transition of power within the DAO's special roles demonstrates the organization's commitment to decentralization and community involvement.

WebSlinger, the administrator of the APE Foundation, completed its first full quarter in this role in Q2 2023. Despite a decline in all key metrics of ApeCoin, the daily token transfers, votes per governance proposal, and transfer volume remained higher than in certain previous quarters.

The report also noted that APE's fully diluted valuation hit a $2 billion floor at the end of Q2’23, marking a 91% drop from its all-time high in Q2’22. Despite this, the ApeCoin DAO continued to approve proposals and allocate funds for the development of the ecosystem.

In terms of staking, APE holders and Yuga Labs’ ecosystem projects claimed 25.8 million APE in Q2’23. This followed the implementation of staking rewards in Q4’22.