ApeCoin [APE] staking began on November 6, much to the satisfaction of its investors, who were anticipating future rewards. Awards were first won on December 12th, according to the official staking site’s criteria. Despite the excitement around the implementation of staking, APE prices seem to be unrelated to this on-chain move.
Within the first 24 hours of the Ape Foundation launching token staking, $30 million in tokens were placed in the contract. The official staking contract has already received around $32 million in APE in a single day, along with a huge number of Bored Ape Yacht Club [BAYC] and Mutant Ape [MAYC] NFTs.
NFT investors reportedly took advantage of a known vulnerability in the staking architecture. When customers staked both a Bored Ape NFT and an APE Currency in the staking contract, they formed a connection between the two assets; this link prohibited the owner from selling the NFT without also selling the connected coin tokens.
The Ape Foundation’s staking function was launched, and as predicted, it improved several metrics.
One such data, according to Santiment, is the number of active addresses. The fraction of active addresses was shown to have climbed considerably during the preceding week. The number of addresses grew to 16,000, a new high in recent months.
The token’s price, however, remained unchanged. According to the daily period chart, when the stake was announced on December 6, the price initially climbed by over 6%. However, since there was a clear clash between sell and purchase demand, the price movement that resulted was minimal.
The price increased by 12.48% in the preceding 72 hours but has now dropped by more than 7% as of the time of writing. It was trading for about $4 at the time this article was published.
Despite the evident reduction in price, some investors were still successful according to the 30-day Market Value to Realized Value (MVRV) ratio. According to Santiment’s statistics, investors who acquired the token during the preceding 30 days were still in the black. However, it was evident that the profit was quickly dwindling and that a loss was on the way.
The modification in the MVRV statistic would accentuate the difference between on-chain data and token value.