ApeCoin Hits New All-Time Low Amidst Downtrend in NFT Market
ApeCoin, the Ethereum-based token associated with the Bored Ape Yacht Club NFT collection by Yuga Labs, has reached a fresh all-time low. The current trading price of the token is $1.16, marking a 7% decline in the past day, according to CoinGecko. Over the last month, ApeCoin has faced significant challenges, experiencing a drop of over 42%.
Initially, ApeCoin soared to a high of $26.70 after its launch in March 2022. At that time, NFT collections like the Bored Ape Yacht Club were highly sought-after, symbolizing luxury in the Web3 world. ApeCoin and the BAYC reached their peaks in late April 2022, with the cheapest Ape selling for around 152 ETH (approximately $429,000).
However, as the NFT market cools down compared to the previous years, ApeCoin’s decline has been more pronounced than its monkey-themed NFT predecessor. While the floor price for Apes has dipped by 21% in the past month, ApeCoin has experienced a 42% drop.
Ape NFT Collection Finds Some Stability
Despite ApeCoin’s decline, the Bored Ape Yacht Club NFT collection has found some breathing room. Currently, the cheapest Ape is listed at around $42,000 worth of ETH, which is an improvement from the multi-year low of $36,000 in August, as reported by NFT Price Floor.
ApeCoin and the Otherside Metaverse
One factor contributing to ApeCoin’s initial success was the anticipation surrounding the Otherside, a metaverse game developed by Yuga Labs. ApeCoin is set to be the native currency of this expansive digital universe, which is still under development.
In July, a select group of NFT owners and Bored Ape enthusiasts had the opportunity to preview the continued development of Otherside. Participants were able to explore Yuga’s virtual realm while using their Apes as virtual avatars for the first time.
The ApeCoin DAO and Future Direction
A decentralized autonomous organization called the ApeCoin DAO launched the ApeCoin token and serves as its official “steward.” ApeCoin owners have the ability to influence the project’s direction through regular voting.
Currently, the ApeCoin DAO is considering various proposals, including the creation of an ApeCoin price tracker to be displayed in the community’s Discord server. However, the majority of votes have been against this initiative. On the other hand, funding for a documentary called “Bored as F*ck” focused on Apes has garnered support from approximately 63% of the delegated ApeCoin, amounting to a total of $400,000 to be paid out in ApeCoin.
Hot Take: ApeCoin Faces Uphill Battle Amidst NFT Market Slowdown
ApeCoin’s struggle to maintain its value reflects the broader challenges faced by NFT tokens in the current market. While it experienced initial success due to its association with the popular Bored Ape Yacht Club NFT collection, the decline in NFT prices has taken a toll on ApeCoin’s performance. The future of ApeCoin remains uncertain as the NFT market continues to evolve and adapt. However, with ongoing development in the Otherside metaverse and the support of the ApeCoin DAO, there may still be opportunities for ApeCoin to regain its footing and thrive in the ever-changing landscape of digital assets.
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