Why ApeCoin [APE] refuses to budge even as staking pool increases

ambcrypto.com:

With an enticing Annual Percentage Yield (APY), ApeCoin [APE] unveiled its staking feature in December 2022, where it immediately drew over $30 million in bets on the first day. Despite the passage of several months since its introduction, investors remain committed. 

Read ApeCoin’s [APE] Price Prediction 2023-24

A recent Etherscan track of an address revealed an intriguing transaction. According to the available data, the address purchased about 2 million USDT on 20 March and then used them to purchase ApeCoin. The fascinating aspect of the observed transaction was that the purchased APE was subsequently staked.

When the APE staking function originally went live in December, it brought nearly $30 million in just 24 hours. Horizen Labs’ staking approach rewarded ApeCoin, Bored Ape Yacht Club [BAYC], and Mutant Ape Yacht Club [MAYC] NFT holders who staked their tokens in the contract with APE tokens.

The APY for the BAYC pool was 121.81% and that of ApeCoin was 65.87%, according to data from ApeCoinstaking.io. At the same time, APY for MAYC and Bored Ape Kernel Club [BAKC] were at 132.28% and 133%, respectively. The percentage yield was quite high at inception, but gradually decreased over time.

The APE stakes totaled over 54 million, worth over $216 million, and represented over 13% of the supply in circulation.

Short positions have dominated the market since December, according to historical funding rates data from Coinglass. The moment the staking function was introduced and launched, it corresponded with the dominance of short positions. 

Source: Coinglass

Nonetheless, short holdings had decreased as of this writing, but they still held the dominant position across several exchanges. In addition, the recent APE unlock