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- ApeCoin is encountering difficulties shortly after Yuga Labs conducted an exclusive event.
- The token has plummeted from its peak to its current low by an astonishing 93%.
In light of the ongoing pressure on the company’s prominent Bored Ape Yacht Club NFT collection, ApeCoin, which supports Yuga Labs’ expansive Otherside metaverse game and additional applications, reached an unprecedented low on Tuesday.
As reported by CMC, the price of ApeCoin fell to $1.77 late Monday and early Tuesday. The token had rebounded to $1.81 at the time of this report, reflecting a 1.60% increase over the past 24 hours and an 8.89% decline over the last week.
Significant Decline
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After its remarkable rise in 2021 and 2022, the Bored Apes Yacht Club NFTs established a collection of 10,000 ape-themed assets. In April 2022, as Yuga’s Otherside game prepared to launch NFT-based land parcels that would enable players to personalize their own spaces in the virtual environment, the minimum price of BAYC reached 152 ETH, equivalent to $429,000.
However, since then, the prices of BAYC NFTs have drastically decreased due to a general market downturn. The floor price of the BAYC collection (the cost of the least expensive NFT listed) barely exceeded $52,000 worth of Ethereum in early July, marking a new all-time low.
ApeCoin is facing obstacles just days after Yuga Labs hosted an exclusive event where forty NFT holders and dedicated fans had the opportunity to explore unreleased sections of the Otherside game. The initial value of one ApeCoin was $8.54 in March of the previous year; by April 2022, it had surged to $26.70.
Nonetheless, ApeCoin has dropped from its peak to its current low by an astonishing 93%, and it has decreased 73% from its yearly high of $6.67.
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