3 mins readApeCoin is an Ethereum-based currency. Yuga Labs uses it for their exciting game, Otherside, and more. It hit rock bottom on Tuesday. The company's respected Bored Ape Yacht Club’s NFT collection was also under strain.
BAYC NFT Prices Plunge
ApeCoin's Glory Days
ApeCoin is well-known due to its connection with the popular Bored Ape profile pictures (PFPs). It fell to a low of $1.77 late on Monday, reports CoinGecko. Currently, it's slightly up at $1.84, yet still down 1% from the day before.
In 2021 and 2022, Bored Ape Yacht Club NFTs soared. Their 10,000 ape-themed collections became Web3 icons, recognized by many. But, Yuga Labs' success seems to be returning to reality as the PFP's market weakens.
ApeCoin took a hit a few days after Yuga Labs showed parts of its Otherside game. They unveiled it at a close event with 40 NFT owners and super fans. The fresh slices of its virtual kingdom were shown off, with some getting to parade their Bored Ape as a digital character for the first time.
ApeCoin first emerged in March 2022, at $8.54. It hit the limit at $26.70 the next month. Bored Apes also reached a price of 152 ETH (equal to $429,000) in April 2022, when Yuga’s Otherside game was set to introduce NFT-based land plots.
ApeCoin Right Now
ApeCoin has hit a new low today. It shows a stunning 93% drop from its pinnacle and a rough 73% fall from $6.67 a year ago. But, it ranks #65 among all tokens regarding market value. CoinGecko confirms a total worth of $675 million.
A social media influencer, Jeremy Cohen, also known as Pauly, finds joy in ApeCoin’s current drop, terming it as "poetic justice". Now, he is involved in a legal battle with Yuga. He's off to the courts with artist Ryder Ripps. Both are accused of trademark infringement. The legal fight started in the Central District of California's US District Court on Monday.
The Events Since July
In July, Bored Ape prices dumped to multi-year lows. The collection's cheapest NFT listed dipped below $52,000 on Ethereum. In July, the lowest priced Bored Ape, rose to $67,000 on Ethereum, but then fell back to $54,000, notes NFT Price Floor.
The APE Foundation, termed as the "defender" of the token, behaves as the daily handler of the DAO, their website informs. It was launched by the DAO of ApeCoin, a decentralized autonomous organization.
Yuga Labs' game uses Otherdeed for NFTs of Otherside. They are the titles for the virtual lands in the fresh game. The cheapest NFT in the lineup has sunk to just over ETH worth $1,100, down from a peak of $9,900 in May 2022, confirmed by NFT Price Floor.
Final Thoughts
ApeCoin - what a ride! From a high to now, a sad low. The famous Bored Ape images from Yuga Labs helped it shine. But now? A new proof that even top projects can suffer in a wild market.
But hey, don't forget - that's how the game works. Your coin, ApeCoin, is now down in the dumps. It's an example. Example of what? The up and down drama of crypto and NFT markets. These markets can change just like that. It scares investors, sure. But it's also a reminder. What kind of reminder? That these markets can go anyway, anytime.
