The Bored Ape Yacht Club and other well-known collections of profile photographs (PFPs) have recently felt the pinch in the NFT area. And it’s possible that stress also affected ApeCoin (APE).
According to CoinGecko, the cryptocurrency token linked to Yuga Labs’ eponymous collection of 10,000 Bored Ape NFTs has dropped 15% over the last 14 days, barely edging below an all-time low of $1.85 on Friday.
ApeCoin’s price is dropping as the NFT market tries to regain its footing. From recent, multi-year lows in terms of floor pricing, or the cost of the least expensive NFT advertised for sale from a collection, Bored Ape NFTs have increased by $10,000. However, following Friday’s new low, ApeCoin came just two cents short of a newfound bottom on Monday.
Prices at Bored Ape Yacht Club Drop to Two-Year Lows, 88% Below Peak
The simian-focused cryptocurrency ApeCoin, which is built on Ethereum, made its sizzling debut in March 2022. Shortly after it went live, it soared to an all-time high of $26.70 in April. Its market capitalization at that time was close to $7.6 billion. Since its high, ApeCoin has decreased by around 93% as of this writing.
Celebrity owners who bore Bored Apes as digital status symbols and dreams of Yuga Labs’ ambitious Otherside metaverse game helped the price of Bored Ape NFTs reach a peak minimum of $429,000, or 152 ETH, that same month. Since then, Bored Ape prices have decreased, reaching a low on July 2 of around $52,000 in ETH.
The default currency for Otherside by Yuga Labs, ApeCoin, is a crucial component of the game. Late in March, 7,200 so-called Voyagers took part in the second playtest of The Otherside, which offered a sneak peek at the impending game.
Following its establishment by the ApeCoin DAO, a decentralized autonomous organization where community members—including owners of Bored Ape—can form initiatives on things like projects and rules, Yuga Labs embraced the token.
The APE Foundation runs the DAO on a daily basis and serves as the token’s “steward,” according to its website. Last week, new members were elected to the foundation’s special counsel to cover the positions vacated by Reddit co-founder Alexis Ohanian and Animoca Brands Chairman Yat Siu.
In Serum City, an ApeCoin-Powered Ethereum NFT Game, Mutant Apes Take Control.
Holders of Bored Ape were eligible to collect a predetermined number of tokens when ApeCoin began. NFT holders from the Mutant Ape Yacht Club, a Yuga follow-up collection, could also participate.
Even though ApeCoin’s price is close to all-time lows, its $700 million market cap today is comparable to the total value of tokens utilized in other metaverse initiatives.
