The collapse of ApeCoin price and the floor value of Otherdeeds shows that all that glitters is not gold. elenahoolu dives deep in $APE to see what the future may hold.
), the new cryptocurrency that was recently launched by Yuga Labs, aims to be the bedrock of the Otherside metaverse and recently the token has experienced massive volatility leading into and after its digital land sale. APE’s price dropped from $26 at the peak on Apr. 28 to $14 on May. 2 — more than a 45% drop within a few days of the mint. The price has now dropped to the $6 range.
What came as a shock later on is how chaotic the whole process of minting Otherdeeds was. APE’s price plunged from $24 to $14 on May 2 which reflected a more than 40% decrease in two days! The immediate price drop to $20 on the day of the mint could be explained by the sudden decrease in demand for APE after the mint started.
A Dutch auction would have been an effective way to mitigate gas wars due to its unique design of a very high start price and a decreasing price over time. Investors could have chosen to mint at the price they could afford at different times, avoiding everyone minting at the same time, at the same price, and creating a gas war.
, at the start of the sale each KYC’d wallet would only be allowed to mint 2 plots. Once the gas fee came down, the limit would rise to an additional 4 NFTs . Since the number of KYC’d wallets are not disclosed to the public and there is only a fixed amount of plots to mint, it is uncertain whether all KYC’d wallets could mint at least one.
Looking at the amount of APE that will be unlocked in the next three years on a monthly basis, the majority of the supply comes from the DAO Treasury and Yuga Labs. There are also three large pumps in supply from the contributors in September 2022, March and September 2023.On a cumulative basis, the initial amount of APE unlocked at launch day dominates the proportion of supply until May 2025, when it is overtaken by the DAO Treasury. At the rate of 7.
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