ApeCoin, the Ethereum-based token set to power Yuga Labs’ ambitious Otherside metaverse game and other apps, slipped to an all-time low on Tuesday as the firm’s “blue chip” Bored Ape Yacht Club NFT collection faced renewed pressure as well.
Known for its link to the valuable Bored Ape profile pictures (PFPs), ApeCoin fell as low as $1.77 late Monday and into early Tuesday, according to CoinGecko. As of this writing, the token had rebounded to $1.84—but it was still down 1% over the past day and 9% during the last week.
The meteoric rise of Bored Apes Yacht Club NFTs in 2021 and 2022 established its 10,000 simian-centered collectibles as icons of Web3 for mainstream audiences. But as the market for PFPs falters more broadly, assets associated with Yuga Labs’ smash hit appear to be falling back to earth.
Headwinds for ApeCoin come days after Yuga Labs showcased elements of its Otherside game at an exclusive event, where 40 NFT owners and superfans roamed fresh sections of its virtual realm. For some, it was a chance to don their Bored Ape as a virtual avatar for the first time.
ApeCoin hit the market in March 2022 at a price of $8.54 and surged as high as $26.70 the following month. Bored Apes also reached a peak minimum price of 152 ETH or $429,000 in April 2022 as Yuga’s Otherside game prepared to launch NFT-based land plots that will let players customize their own spaces in the online world.
The newfound low for ApeCoin represents a more than 93% decline from its all-time high, and a 73% plunge from $6.67 a year ago. Still, the coin is ranked #65 among all other tokens in terms of market capitalization, per data from CoinGecko, with a total value of $675 million.
Jeremy Cohen, an influencer who goes by Pauly on Twitter, lauded ApeCoin’s recent slip as “poetic justice.” He is currently locked in a legal battle with Yuga alongside artist Ryder Ripps and faces allegations of trademark infringement. The lawsuit’s trial began in U.S. District Court for the Central District of California on Monday.
In early July, Bored Ape prices buckled to multi-year lows—the collection’s floor price (or the price of the cheapest NFT listed) scraped past $52,000 worth of Ethereum. The cheapest-listed Bored Ape went on to climb as high as $67,000 worth of Ethereum in July, but it has since sunk back down to $54,000 worth, according to NFT Price Floor.
Yuga Labs adopted ApeCoin after it was launched by the ApeCoin DAO, a decentralized autonomous organization. The APE Foundation, which serves as the token’s “steward,” also acts as the DAO’s day-to-day administrator, per its website.
Yuga Labs’ metaverse game is underpinned by Otherdeed for Otherside NFTs, the aforementioned titles for virtual plots in the upcoming game. The cheapest NFT from the collection has fallen to just over $1,100 worth of ETH, down from a peak of $9,900 worth in May 2022, according to NFT Price Floor.
Source: Decrypt.co
The post ApeCoin Price Sinks to All-Time Low as Bored Ape NFTs Dip Again appeared first on Crypto Breaking News.
Read more: https://www.cryptobreaking.com/apecoin-price-sinks-to-all-time-low-as-bored-ape-nfts-dip-again/
Text source: Crypto Breaking News
Join BINANCE!
The world's largest crypto exchange
Welcome at World Crypto Global. This portal is packed with useful content and resources to built out your own crypto skills. WCG is a site member of ITeGAMAX's online services.
The information provided by World Crypto Global on this Site is for general informational purposes only. All information on this Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this Site.
UNDER NO CIRCUMSTANCE SHALL WE HAVE ANY LIABILITY TO YOU FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF THE SITE OR RELIANCE ON ANY INFORMATION PROVIDED ON THE SITE. YOUR USE OF THE SITE AND YOUR RELIANCE ON ANY INFORMATION ON THE SITE IS SOLELY AT YOUR OWN RISK.
Use of this site is subject to our Terms and Conditions, Disclaimer, and Privacy Policy.
WE AND OUR PARTNERS USE COOKIES ON THIS SITE TO IMPROVE OUR SERVICE, PERFORM ANALYTICS, PERSONALIZE ADVERTISING, MEASURE ADVERTISING PERFORMANCE, AND REMEMBER WEBSITE PREFERENCES.
By using this website, you automatically accept that we use cookies.
To learn more about use of cookies see our Privacy Policy. Learn More.
