What is Apecoin?
Apecoin is the ERC-20 governance token of the Bored Ape Yacht Club (BAYC). It was airdropped on March 17 to BAYC NFT holders with the option to claim for free.
Real-time on-chain data tracking from Candlestick shows that some BAYC owners sold their holdings to retail investors after receiving the airdrop.
Apecoin Net Buy Amount
On the launch day, Apecoin plummeted 82% in just two hours. The total net buy amount on March 17 was 840,233. On the 18th, it surged 113% and recorded an ATH of 1.8 million.
The net buy indicator reflected the fear of missing out was intense in the crypto community on the launch day.
Apecoin Live Trading - Dex Trades
The turnover was active on March 17.
Two hours after Apecoin launched, a $65.95M buy volume vs. $60.48M sell volume.
The number of traders was uneven. There were 1.44k sellers and 3.95k buyers, which means a small number of people were selling their holdings to a large group of people.
Hence, sellers’ average sell order size was $42k, 2.47x of the buy order size ($17k).
Apecoin Token Balance Distribution
On March 19, three days after the airdrop, the token balance distribution saw a significant concentration decrease.
Percentage of top addresses’ $APE holdings:
The first round of holders’ turnover was finished on March 20 by airdrop receivers’ selling to retail traders. Apecoin holdings became more spread out after that.
