ApeCoin Worth Plunges as Bored Ape Yacht Membership NFTs Face Main Promote-Off
July 12, 2023Yuga Labs‘ crypto token ApeCoin (APE) reported a 15% value drop within the final two weeks, with an all-time low of $1.58 final Friday. What’s going on with the value of ApeCoin? Let’s discover out!
TL;DR
- Yuga Labs’ ApeCoin token has skilled a major drop, falling almost 93% from its all-time excessive in March 2022.
- The present value of ApeCoin is $1.58, with the token’s worth exhibiting a decline on the 30-day chart.
- The bear market has impacted Yuga Labs’ flagship venture, Bored Ape Yacht Membership and the decline in ApeCoin value might have an effect on different initiatives like Otherside, regardless of ApeCoin’s excessive market cap of $704 million.
How Low Did the ApeCoin Worth Drop?
Yuga Labs goes by way of difficult occasions as their ApeCoin token plummeted shockingly over the previous 14 days. CoinGecko knowledge exhibits that APE dropped almost 93% from its all-time peak of $26.70 in March 2022.
Final Friday, the token was valued at $1.58. On the time of writing, the value of an ApeCoin is 1.91%. Right here’s a visible illustration:
Can Yuga Labs Get well From the Bear Market?
Proper now, the NFT market is attempting to get well after the bear market that began in 2022. Sadly, Yuga Labs’ prime blue chip venture, Bored Ape Yacht Club, remains to be struggling as of July this 12 months.
For example, the enduring PFPs’ highest flooring value was 152 ETH (about $429,000) reported in March 2022. Quick-forward to July, the gathering’s flooring value is simply $52,000.
The latest fall of the ApeCoin value may also have an effect on different Yuga Labs initiatives, akin to Otherside. The crypto coin is the venture’s native token and it was a key factor for the second Otherside playtest.
Nonetheless, ApeCoin stays some of the necessary metaverse tokens immediately. Its market cap of $704 million is remarkably excessive in comparison with different initiatives, so it’s nonetheless value wanting into.
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