<\/p>\n
- \n
- APE\u2019s fully diluted valuation fell to its lowest level ever in September<\/span><\/em><\/li>\n
- Q3\u2019s\u00a0 APE token unlock event was met with low demand, causing the value of the altcoin to decline<\/em><\/li>\n<\/ul>\n
ApeCoin\u2019s [APE]<\/a> fully diluted valuation (FDV) plummeted to its lowest level ever during the year\u2019s third quarter. This contributed to the Metaverse-based token closing the three-month period at an all-time low, according to Messari\u2019s latest<\/span>\u00a0report<\/a><\/span>.\u00a0<\/span><\/p>\n
\nRead\u00a0Apecoin [APE] Price Prediction 2023-24<\/a><\/p>\n
\nA coin\u2019s FDV tracks its market capitalization if its total supply is in circulation.\u00a0<\/span>When a coin\u2019s FDV drops to its lowest, it means that based on the prevailing market price and the total supply of coins, the coin\u2019s overall value is at its minimum.<\/span><\/p>\n
According to Messari, by mid-September, APE\u2019s FDV had fallen to $1.1 billion, with its average daily FDV dropping by over 50% within the 90-day period.\u00a0<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/3b29e891996a4c3ecd6f6a892e84581c8f5606ae-1600x900-1.webp\")
<\/a><\/p>\nSource: Messari<\/p>\n<\/div>\n
APE\u2019s token unlock event and its impact<\/b><\/h3>\n
Between July and September, APE saw a 53% uptick in the amount of unlocked tokens than it did in the previous quarter. A total of 71.8 million APE tokens, equivalent to 13% of the circulating supply, were released.<\/span><\/p>\n
Token unlock events can be bearish for an asset\u2019s price as they see the injection of previously frozen liquidity into the market. For crypto-assets with low traction, the hike in supply is not often met by a corresponding uptick in demand, resulting in downward pressure on the price.<\/span><\/p>\n
\nHow much are\u00a01,10,100 APEs worth today<\/a>?<\/p>\n
\nThis was the case for APE, as the general decline in Metaverse-related activities that have marked the year has led to a drop in trading activity involving the altcoin.<\/span><\/p>\n
Messari found that APE\u2019s token velocity \u2013 which measures the frequency of a token changing hands \u2013 recorded some depreciation too.<\/span><\/p>\n
\n
\u201cGiven that velocity measures how frequently a token changes hands, the decline in velocity indicates that users are trading and transferring the asset less frequently than in Q2,\u201d the on-chain data provider noted.\u00a0<\/span><\/p>\n<\/blockquote>\n
![\"\"](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/85368301543896674c594e3f7d9d863367277615-1600x900-1.webp\")
<\/a><\/p>\nSource: Messari<\/p>\n<\/div>\n
Instead, the coin was deployed more towards governance activities during the quarter.\u00a0<\/span><\/p>\n
Interestingly, while APE\u2019s price and trading activity dropped during the period under consideration, it noted a 31% surge in the count of new wallets. According to Messari, the increase came in spite of the transfer volume falling by 49.6% and APE\u2019s price falling by 51%.<\/span><\/p>\n
- Q3\u2019s\u00a0 APE token unlock event was met with low demand, causing the value of the altcoin to decline<\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/750aab072c744def2961184586a0e0c2f5b735ff-1600x900-1.webp\")