ApeCoin leads in NFT and Metaverse market share, but are APE’s hefty staking rewards sustainable? By Cointelegraph

In January, ApeCoin (APE) had an underwhelming performance compared to metaverse-based tokens like Decentraland (MANA) and The Sandbox (SAND). APE token gained 61% compared to the 90% and 150% respective gains seen in SAND and MANA. The subdued gains can be attributed to the hefty APE staking rewards that is likely creating some selling pressure.

An upcoming unlock of around 9% of APE’s circulating supply in March 2023, along with not-so-impressive fundamentals, will add further headwinds for the token. The gains in APE will depend on the success of the blockchain gaming projects in the ApeCoin ecosystem and new partnerships between Yuga Labs and big brands.