Apecoin Plummets as Bored Ape NFTs and ETH Floor Values Tank

Apecoin Value Takes a Dive as Bored Ape Yacht Club NFTs Lose Ground

Precisely 476 days ago, on March 17, 2022, the crypto asset APE was disseminated through an airdrop to Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club members. Throughout its existence, apecoin (APE) has exceeded a year; however, following its significant surge during its initial launch, APE’s value has tumbled to significant lows.

The Bad News:

APE hit it’s all-time low 17 days ago when it reached $1.96 per coin
APE has declined more than 92% compared to its all-time high recorded on April 28, 2022
APE has forfeited 35.6% of its worth against the U.S. dollar in the last month
The top ten wallets hold 22.61% of the APE supply
The top 100 APE wallets possess 65.42% of the entire supply

The Good News:

163,074,506 APE is staking and represents the most significant asset on the rich list
368,593,750 APE is currently in circulation
125,228 unique addresses hold APE

The decline in APE’s price corresponds with the reduced floor value of Bored Ape Yacht Club (BAYC) NFTs, which has fallen from 61 ether to 30 ether since April 3, 2023. As of today, July 6, 2023, the BAYC floor value stands at approximately 30.27 ETH, according to nftpricefloor.com data.

Similarly, MAYC NFTs have declined from 13 ether on April 3 to a current value of 6.24 ether. Yuga Labs’ Otherside metaverse event ‘Second Trip,’ linked to BAYC NFTs, saw 7,000 players engage at the end of March 2023. The company also introduced the first season of HV-MTL Forge, a Web3 crafting game, last week.

Hot Take:

The significant decline in APE’s value and the reduced floor value of BAYC NFTs may be disheartening for Lolacoin readers. It serves as a reminder of the volatile nature of the crypto market. However, despite these setbacks, APE still has a substantial supply in circulation and staking, indicating that there is still interest and support for the token. The future of APE and BAYC NFTs will depend on the continued engagement and developments within the Yuga Labs ecosystem.