ApeCoin (APE) Q4 2024 Governance and Ecosystem Report

ApeCoin (APE) is an ERC-20 token used to govern the ApeCoin DAO, encompassing Ecosystem Fund distribution, governance rules, partnerships, and more.

ApeCoin (APE) is a governance token used to administer the ApeCoin DAO, which encompasses the distribution of the Ecosystem Fund, governance rules, partnerships, and more. It is the adopted token of the APE Foundation, a legal entity that carries out the decisions of the ApeCoin DAO. The foundation has a Special Council, called the DAO’s Board, to perform certain functions within the governance process. Transient administrative entities elected by members of the ApeCoin DAO operate the foundation.

The ApeCoin DAO and the APE Foundation are separate entities from Yuga Labs, the creator of Bored Ape Yacht Club (BAYC) and its associated Non-Fungible Tokens (NFTs). Below is a breakdown of the relevant entities related to APE:

The APE Foundation, the DAO’s Board, and WebSlinger are the primary entities that ensure the implementation of relevant successful AIPs.

Website / X (Twitter) / Snapshot / ApeChain

Key Metrics

In Q4 2024, APE's market cap trended upwards, rising ~69.00% Quarter-over-Quarter (QoQ) from ~$513.67 million to ~$868.08 million. Similarly, the price of APE grew ~58.03% QoQ, climbing from ~$0.76 to ~$1.20 throughout the quarter.

A notable spike in market cap occurred following the launch of ApeChain, with a 24-hour surge of ~70.90%, from ~$628.70 million to ~$1.07 billion. During the same period, the token price rose by ~70.90%, from ~$0.87 to ~$1.49.

Year-over-Year (YoY), APE's market cap grew ~45.33%, increasing from ~$597.33 million at the beginning of 2024 to ~$868.08 million at the end of the year. In contrast, the price of APE declined ~25.75% YoY, dropping from ~$1.62 at the start of the year to ~$1.20 by year-end.

During Q4 2024, ApeCoin’s decentralized exchange (DEX) volume totaled ~$364.95 million. Sharks (tokenholders with $1-10 million in APE) contributed the largest share of DEX volume at ~59.65% (~$217.69 million), followed by Seals ($100,000–500,000 in APE), which accounted for ~16.30% (~$59.50 million), and then Fish ($10,000–$100,000 in APE), coming in at ~9.38% (~$34.25 million).

Whales ($10+ million in APE) recorded smaller shares of total DEX volume, contributing ~5.85% (~$21.33 million), with Dolphins ($500,000–$1 million in APE) and Krill (<$10,000 in APE) contributing ~4.46% (~$16.28 million) and ~4.36% (~$15.90 million), respectively.

ApeCoin DAO began issuing staking rewards in Q4 2022 after passing AIP-21 and AIP-22, which finalized staking parameters. APE tokenholders and Yuga Labs’ ecosystem asset holders, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC), receive staking allocations.

During Q4 2024, a total of ~12.16 million APE were claimed in staking rewards, with a peak of ~1.31 million APE being claimed on Oct. 20, 2024, following the launch of ApeChain. The rewards were distributed as follows: BAYC holders claimed ~6.19 million APE (~50.92%), ApeCoin tokenholders claimed ~2.94 million APE (~24.18%), MAYC holders claimed ~2.60 million APE (~21.35%), and BAKC holders claimed ~431,318 APE (~3.55%). The October peak in claimed staking rewards accounted for most staking activity, with rewards declining in the following weeks. By December, staking activity had tapered, reflecting lower levels of participation compared to the launch period.

New APE tokenholders are defined as addresses that received APE for the first time. This metric excludes new tokenholders using centralized exchanges to custody their assets.

In Q4 2024, ~54,178 new APE tokenholders were recorded, representing a ~3