APE’s circulating market cap declined 56.7% QoQ, falling from $868.1 million to $375.7 million, with the token price declining 60.9% from $1.20 to $0.47. Market cap peaked at $991.3 million on Jan. 3, 2025, before trending downward.
Total DEX volume reached $285.8 million in Q1, marking a 21.7% QoQ decline. Sharks (tokenholders with $1-10 million in APE) continued to dominate trading activity, contributing 58.6%, or $167.4 million, of the total volume.
3.8 million APE staking rewards were claimed in Q1, with BAYC holders accounting for the largest share (70.9%), followed by MAYC holders (20.7%), APE tokenholders (5.5%), and BAKC holders (2.9%).
20,908 new APE tokenholders were added in Q1 (63.7% QoQ decrease). The daily number of new tokenholders added remained consistent throughout the quarter, with the largest single-day uptick on Feb. 7, 2025, totaling 1,839 new tokenholders.
Six proposals were passed by the DAO in Q1, including AIP-582, which implemented sweeping governance changes by migrating core processes to ApeChain, introducing an onchain treasury, and adopting a formal DAO Constitution.
Primer
ApeCoin (APE) is an ERC-20 token that governs the ApeCoin DAO, encompassing Ecosystem Fund distribution, governance rules, partnerships, and more.
APE is the adopted token of the APE Foundation, a legal entity that administers 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. The foundation’s operations are run by transient administrative entities elected by members of the ApeCoin DAO.
The ApeCoin DAO and the APE Foundation are separate entities from Yuga Labs, the creator of Bored Ape Yacht Club (BAYC) and its associated NFTs. Below is a breakdown of the relevant entities related to APE:
ApeCoin DAO - A decentralized autonomous organization (DAO) comprising APE tokenholders that create and vote on ApeCoin Improvement Proposals (AIPs).
APE Foundation - A legal entity that administers the decisions of the ApeCoin DAO.
Special Council (the DAO’s Board) - Five individuals who oversee the foundation’s administrators and can (i) approve grants outside the AIP process and (ii) perform specific functions within the ApeCoin DAO governance process. As of March 2025, the Special Council members are Josh Ong, Xeer, Sera, JBond, and Tiger Is Fine.
WebSlinger - Administrator of the APE Foundation.
Yuga Labs - The Web3 company responsible for creating BAYC. Yuga Labs contributes to ApeCoin’s development and plans to use APE as the primary token in future projects.
The APE Foundation, the DAO’s Board, and WebSlinger are the primary entities that ensure the implementation of relevant successful AIPs.
In Q1 2025, ApeCoin recorded an end-of-quarter circulating market cap of $375.7 million, reflecting a 56.7% QoQ decline from $868.1 million in Q4 2024. The drop in circulating market cap was tracked closely by token price action, as APE fell 60.9% during the quarter from $1.20 in Q4 to $0.47 by the end of Q1.
APE’s quarterly high market cap was recorded on Jan. 3, 2025, when it reached $991.3 million with a token price of $1.37. Both metrics trended downwards during the remainder of Q1, reaching a low of $368.2 million in circulating market cap and $0.46 in token price by quarter’s end.
Total DEX Volume
ApeCoin recorded a total Q1 2025 DEX volume of $285.8 million, decreasing 21.7% QoQ from $365.0 million in Q4 2024. Activity amongst Sharks continued to lead DEX volume in Q1, with this holder group contributing $167.4 million (58.6%) of the quarter’s total volume.
Amongst the remaining holder groups:
Seals ($100,000-500,000 in APE) contributed $48.5 million (17.0%)
Fish ($10,000-$100,000 in APE) contributed $28.9 million (10.1%)
Whales ($10+ million in APE) contributed $17.4 million (6.0%)
Krill (<$10,000 in APE) contributed $13.3 million (4.7%)
Dolphins ($500,000-$1 million in APE) contributed $10.3 million (3.6%)
Claimed Staking Rewards
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.
Throughout Q1 2025, a total of 3.8 million APE were claimed by Yuga Ecosystem asset and APE holders as staking rewards, with Bored Ape Yacht Club holders comprising a majority of the claims.
The rewards were distributed as follows:
BAYC holders claimed 2.7 million APE (70.9% of total staking rewards)
MAYC holders claimed 781,600 APE (20.7% of total staking rewards)
ApeCoin tokenholders claimed 207,524 APE (5.5% of total staking rewards)
BAKC holders claimed 108,954 APE (2.9% of total staking rewards).
In Q1, MAYC holders ranked second in ApeCoin staking rewards, accounting for 20.7% of total claims. This represents a shift from Q4 2024, when APE tokenholders temporarily surpassed MAYC holders in reward share, driven by elevated participation during the ApeChain launch. With launch activity subsiding in Q1, MAYC holders reclaimed their position above APE tokenholders.
New APE Tokenholders
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.
20,908 new APE tokenholders were added in Q1 2025, reflecting a 63.7% QoQ decrease from 54,178 new tokenholders added in Q4 2024. The decline follows a temporary surge in Q4 tied to ApeChain-related incentives. During Q1, new tokenholder additions remained relatively stable, with daily new holders typically ranging between 100 and 400 addresses. The largest single-day increase in Q1 occurred on Feb. 7, 2025, with 1,839 new tokenholders added.
Governance Analysis
Below are all six approved proposals from the past quarter. For a complete overview of ApeCoin DAO governance, including preliminary discussions, see Messari’s Governance page on ApeCoin.
Consumer Product Launches
AIP-514: 3D Printing and Rewards for APE
Passed on Jan. 1, 2025.
AIP-514 established a 3D-printing service for YugaLabs ecosystem NFT holders, coupled with real-world ApeCoin payment integration and rewards. This project, spanning 13 months, enables members of the ApeCoin DAO to turn their NFT characters into tangible figures and profit from their creations.
The key components of the proposal are detailed below:
Community Revenue for NFT Holders: Holders of Yuga Labs and partner NFTs (specifically BAYC, MAYC, Kodas, and Mocaverse characters) can have their NFT designs 3D-printed and showcased at special “3D IP model” display booths. Participants choose whether to display their 3D model or sell it publicly. Any net sales proceeds go to the NFT holder who owns that character’s IP.
Brand Exposure and Engagement: Every 3D-printed model will carry a “powered by ApeCoin” logo to spread project awareness.
APE as a Medium of Exchange: The 3D printing booths will accept APE for purchase or service fees, encouraging attendees and tokenholders to buy 3D models or pay for printing services with APE.
The total funding approved for this year-long project is $248,000, delivered in staged tranches across three quarters. The budget breakdown is as follows:
3D Printing Equipment: $70,000 to purchase industrial-grade 3D printers to handle output at scale.
3D Modeling Support: $40,000 to create 30 detailed 3D models for community members who have NFTs without pre-existing 3D files.
Materials and Printing Operations: $50,000 for printing materials (resins, plastics, etc.) and maintenance to offer the community 13 months of printing services. This budget is designed to sustain regular printing jobs throughout the year, including prototypes, final products, and any reprints needed.
Project Management: $40,000 to hire a dedicated project manager for printing coordination and oversight over 12 months. Responsibilities include scheduling print jobs, managing social media promotion (posting model showcases, updates), handling bookings from NFT holders, coordinating with event organizers for booth placements, and maintaining records of inquiries/issues.
Display Booth Operations: $48,000 to establish and run the 3D model booths for one year. This covers booth setup costs, rentals or event fees, travel and logistics for moving the booth to various locations, and staffing during events.
An initial $160,000 was provided in Q4 2024 to purchase printers, hire staff, and start production.
$48,000 in Q1 2025 to replenish materials and support ongoing operations.
The remaining $40,000 in Q2 2025.
AIP-540: Ape Shoes
Passed on Jan. 8, 2025.
AIP-540 launched the ApeCoin DAO’s production of Ape-branded casual shoes, intending to generate a direct revenue stream for the DAO. The proposal outlined the creation of 1,000 pairs of “Ape Shoes” priced at $80 each, with 50.0% of gross sales revenue returned to the ApeCoin DAO treasury. If all 1,000 shoes are sold, the DAO will generate $40,000 in revenue, equating to a 48.2% return on its initial $27,000 investment. Notably, purchases can be made with APE (as well as USDT or fiat) via an integrated Shopify payment.
The $27,000budget approved from the Ecosystem Fund will be utilized as follows:
Manufacturing (1,000 pairs of shoes): $15,000 (unit cost of $15.00 per pair)
Packaging: $2,000
Marketing & Media Production: $2,000 (e.g., 3D models for promos and product photography)
Website & Shopify Integration: $1,000
Shoe plate development: $2,000
Design R&D: $2,000
Product Management: $1,000
Miscellaneous: $2,000 (e.g., covering transport, extra storage, and contingency funds)
The project's merchandise partner, Evil Studio, retains 50.0% of gross revenue to cover associated expenses, including applicable taxes. As a result, the ApeCoin DAO receives its share after taxes have been deducted. All net proceeds allocated to the DAO are directed back into the ApeCoin treasury.
AIP-545: Renewing NFT Lab Magazine
Passed on Jan. 15, 2025.
AIP-545 renewed funding for NFT Lab Magazine, an ApeCoin-focused publication that has distributed over 40,000 magazines through eight issues. This proposal scales content distribution and introduces blockchain-based engagement features.
NFT Lab Magazine aims to enhance ApeCoin’s physical and digital footprint through:
International Print Distribution: The magazine will ship limited physical copies to international content contributors and partners, enabling a promotion of ApeCoin content.
Token-Gated Digital Content: NFT Lab will implement exclusive content that is accessible via ApeCoin on ApeChain. By token-gating some articles or features through smart contracts, ApeCoin holders gain special perks and interactive content, driving engagement within the community.
The proposal allocates 2 million APE ($940,000) for one year of operations. This budget covers NFT Lab’s production and expansion costs, including writing and editing, graphic design, printing, distribution logistics, platform development, and marketing.
Consumer Initiatives
AIP-495: Guinness World Record Attempt for the Largest Gin & Tonic (NFT Paris 2025)
Passed on Jan. 1, 2025.
AIP-495 proposed hosting an official Guinness World Record attempt during NFT Paris 2025 for the largest gin and tonic cocktail. The initiative was positioned as a high-visibility marketing campaign designed to amplify ApeCoin and ApeChain branding, enhance community participation, and create downstream promotional opportunities through product tie-ins and giveaways.
On Feb. 13, 2025, during NFT Paris 2025, ApeCoin was awarded the Guinness World Record for the largest gin and tonic (2222 liters). Participants were awarded a POAP, limited edition ApeCoin-branded gin and tonic bottles, and more to commemorate the feat.
Project highlights:
Media Campaign: Multi-channel promotion targeting 1.5 million views, influencer partnerships, and physical activation at NFT Paris.
GinApe Product Line: Limited-edition bottles carrying the “Powered by ApeCoin” logo were distributed globally, with 20% of gross revenue returned to the DAO treasury.
Community Incentives: A 10,000 APE giveaway and Mystery Box campaign were included to incentivize participation and generate buzz.
The total approved budget for this project was $204,850 and 10,000 APE, funded in four tranches:
$69,550 for planning and Guinness coordination.
$90,650 for promotional activities.
$39,650 for execution at NFT Paris.
$5,000 + 10,000 APE for reporting, feedback collection, and final delivery.
AIP-572: “Podcastization” of ApeCoin Spaces on ApeChain
Passed on Jan. 1, 2025.
AIP-572 transforms the ApeCoin DAO’s “X” (formerly Twitter) Spaces into a library of onchain podcasts to preserve and amplify community discussions. This proposal funds the collection, editing, and distribution of audio recordings from ApeCoin-related Spaces, such as ApeComms updates, ApeCoin Governance Working Group News, “Meet at the Clubhouse,” and others. The objective is to “podcastize” approximately 200 Spaces, yielding over 1,000 podcast episodes (500+ hours of audio) featuring community leaders, project teams, and other key ecosystem advocates.
Post-Production & Curation: All recorded Spaces will be downloaded and edited into standalone podcast episodes.
Multi-Platform Distribution: The finished podcast episodes will be uploaded to ApeChain (ApeCoin’s blockchain) with their metadata stored onchain and audio files on IPFS for decentralized storage.
Interactive Onchain Experience: The project integrates with Dixo, an onchain podcast platform on ApeChain, where community members can leave feedback, ratings, and other interactions onchain.
The DAO approved a budget of $80,000 for this project. Funds are requested as a one-time lump sum to cover the production of about 200 Spaces. The breakdown per session is $400 in post-production costs:
Junior Audio Engineer: $50 per Space to clean and master the raw audio.
Episode Editor: $100 per Space to segment and edit the content according to topics and host guidelines.
Senior Audio Engineer/Producer: $250 per Space to oversee final mixing, sound design, and quality control using professional tools.
DAO Infrastructure
AIP-582: ApeCoin DAO Governance Revamp
Passed on March 27, 2025.
AIP-582 revamped ApeCoin DAO’s governance by migrating key governance processes onchain to ApeChain and establishing a formal DAO Constitution.
1. Onchain DAO Treasury: Transitioned 75.0% of the ApeCoin treasury to an onchain DAO-controlled wallet, with the remaining 25.0% allocated to the Ape Foundation for administrative needs. This split ensures that the majority of funds are directly governed by APE tokenholders while continuing to fund foundation operations.
2. ApeChain Protocol Upgrades: Allows the ApeCoin DAO to manage protocol upgrades on ApeChain via Governor Bravo smart contracts, meaning any technical updates to ApeChain itself are subject to DAO proposals and votes
3. New Leadership & Roles: Created an Executive Director role for the Ape Foundation to drive ApeChain development and growth, alongside a new Audit Committee to oversee budgets and the Executive Director. This proposal also revised the ApeCoin DAO’s Special Council’s role.
4. ApeCoin DAO Constitution: Replaced legacy governance frameworks (AIP-1 and AIP-2) with a formal Constitution. This Constitution increases the community’s onchain voting powers and clarifies the authority of the DAO over treasury and protocol decisions, strengthening decentralization.
The approved budget for this governance initiative is $100,000 for the technical implementation plus $275,000 per year in ongoing administrative costs. Funds are allocated as follows:
Onchain Governance Infrastructure: $100,000 (one-time) to develop and audit the ApeChain DAO governance smart contracts and to build a dedicated onchain voting user interface.
Security Council Compensation: $275,000 per year to compensate the ApeCoin DAO’s Security Council (11 members at $25,000 each). Their annual compensation in APE ensures alignment with ApeCoin’s future initiatives.
Notably, the Special Council no longer approves AIPs before proposals are passed.
Closing Summary
Q1 2025 was a reset period for ApeCoin and its ecosystem following the high-activity Q4 tied to ApeChain’s launch. As post-launch activity normalized, APE's circulating market cap and price declined by 56.7% and 60.9%, respectively. Trading volumes fell 21.7% QoQ, although Sharks remained dominant, contributing 58.6% ($167.4 million) of DEX activity.
Staking participation moderated after Q4 2024’s launch-driven surge. A total of 3.8 million APE were distributed in Q1, with BAYC holders claiming the majority. New tokenholder additions declined to 20,908, reflecting more organic and stable wallet growth throughout the quarter. Key initiatives included AIP-582 (Governance Revamp), which formalized ApeCoin’s onchain governance processes and treasury control. Complementary initiatives like AIP-514 (3D Printing), AIP-495 (Guinness Record Event), and AIP-572 (Spaces Podcastization) diversified the DAO’s operational focus while embedding ApeCoin across consumer, cultural, and infrastructure fronts.
With governance realignment complete and treasury oversight restructured, ApeCoin enters Q2 2025 with a renewed governance architecture and a broader toolkit for community engagement and ecosystem funding.
This report was commissioned by the APE Foundation. All content was produced independently by the author(s) and does not necessarily reflect the opinions of Messari, Inc. or the organization that requested the report. The commissioning organization may have input on the content of the report, but Messari maintains editorial control over the final report to retain data accuracy and objectivity. Author(s) may hold cryptocurrencies named in this report. This report is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research and consult an independent financial, tax, or legal advisor before making any investment decisions. Past performance of any asset is not indicative of future results. Please see our Terms of Service for more information.
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