IMPORTANT POINTS:
- ApeCoin, the token associated with Yuga Labs’ Bored Ape collection of NFTs, has seen a 15% decline over the past two weeks, hitting an all-time low of $1.85.
- Despite the partial recovery of Bored Ape NFTs, ApeCoin continues to decline, which shows the difficult recovery scenario in the NFT market.
- ApeCoin plays an essential role in Yuga Labs’ virtual world of Otherside, showcasing the growing link between NFTs and metaverses.
Support us with crypto to keep our newspaper alive
In recent weeks, the Non-Fungible Token (NFT) arena has experienced significant pressures that have hit big-name collections like the Bored Ape Yacht Club. This stress scenario also seems to have influenced the performance of ApeCoin (APE).
ApeCoin, the crypto token associated with Yuga Labs’ renowned collection of 10,000 Bored Ape NFTs, has seen a 15% drop over the past two weeks, hitting an all-time low of $1.85 on Friday, according to data from CoinGecko.
As the NFT market tries to recover, ApeCoin continues to decline. While Bored Ape NFTs have rallied 10,000 from their recent lows in terms of the price floor, ApeCoin hit almost a new low on Monday after its fall on Friday.
ApeCoin, based on the Ethereum blockchain, debuted in March 2022 and upon its launch, this ape-themed token skyrocketed to an all-time high of $26.70 in April. At the time, its market capitalization was close to $7.6 billion. However, to date, ApeCoin is down nearly 93% from that peak.
Bored Ape NFTs reached a peak low price of 429,000 or 152 ETH the same month, buoyed by celebrity owners who flaunted Bored Apes as digital status symbols and visions of Yuga Labs’ ambitious metaverse game Otherside. from Bored Ape have fallen to around $52,000 in ETH as of July 2.
ApeCoin plays a pivotal role in Yuga Labs’ Otherside, serving as the standard currency of its virtual world. In late March, 7,200 so-called Travelers participated in Otherside’s second playtest, which gave a brief preview of the upcoming game.
The token was adopted by Yuga Labs after being launched by the decentralized autonomous organization ApeCoin DAO, where community members, including Bored Apes holders, can shape initiatives on projects and rules.
The APE Foundation acts as the “manager” of the token, according to its website, and handles the day-to-day administration of the DAO. New members were voted in for the foundation’s special council last week, filling vacant seats left by Animoca Brands president Yat Siu and Reddit co-founder Alexis Ohanian.
When ApeCoin was launched, Bored Apes holders could claim a preset allocation of tokens. Those who owned NFTs from the Mutant Ape Yacht Club, a follow-up collection to Yuga, could do so as well.
While ApeCoin’s price is near all-time lows, the token’s current market cap of around 700 million reflects the full value of tokens used in other metaverse projects. This includes SAND from The Sandbox (769 million) and MANA from Decentraland (699 million), according to CoinGecko.
