ApeCoin hits new low as Ethereum, Bored Ape NFT prices fall

by James · July 4, 2022

In short

ApeCoin, the Ethereum token for the Bored Ape Yacht Club ecosystem, has fallen 65% in value over the past 30 days.
The token has lost significantly more value than other game-related tokens during the ongoing crypto market crash.

The launch in March of ApeCoin-one Ethereum token for Yuga Labs’ growth Bored Ape Yacht Club ecosystem – caused madness in NFT and crypto markets. But with those markets now in turmoilApeCoin falls much faster than other games and metavers-related tokens.

Overnight, per data from CoinGecko, ApeCoin (APE) set a new low of $ 3.10 per token. As of this writing, the price has dropped slightly to $ 3.24, but has still seen a 11% drop over the past 24 hours.

The broader cryptocurrency market is down almost 6% today, and other metaverse and gaming tokens have been hit in the same way – but not to the same degree as ApeCoin. SandboxesThe SAND token has dropped 7% to $ 0.83, while the GMT move-to-earn game token Stepn has fallen over 7% to almost $ 0.60.

ApeCoin’s recent bleeding is even more significant when you zoom out. Over the last 30 days, the token has lost 65% of its value, per CoinGecko. Compare that with a 42% drop for SAND, or a 39% drop for Decentralandits MANA token. Bitcoin (BTC) is down 32% over the same period, while Ethereum (ETH) has thrown 48% of the price.

The associated Bored Ape Yacht Club NFTs have also threw huge values in the past. Measured in US dollars, the floor price – or the price of the cheapest available NFT on a secondary market – for a Bored Monkey is down more than 54% over the last 30 days to a current price of $ 91,781 (76 ETH), per NFT price Floor.

The fall is even more striking when looking back at the Bored Ape Yacht Club the highest price of around 429,000 dollars (152 ETH) set for April 29, just before the launch of virtual land NFT sites for Yuga’s upcoming Otherside metaverse games. Otherside will be built around ApeCoin, as will other future games and Web3 services.

An NFT acts as proof of ownership of an object, including digital goods such as profile pictures, works of art and collectibles. Bored Ape Yacht Club is one of the most popular Ethereum NFT projects, with more than $ 2.2 billion value of trading volume to date, although both trading and prices have fallen significantly in recent weeks in the midst of market turmoil.

Owners of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were able to claim thousands of free APEs at tokens launch in March. The price of APE rose in late April over $ 26 ahead of Otherside sales, but then fell quickly in the $ 14 class in the days after the sale. Not long after, the crypto market collapsed and APE joined.

ApeCoin holders can use their tokens to vote on governance proposals, and recently society has been battling over whether to keep APE in the Ethereum ecosystem. Rival network Avalanche set up a pitch to try to woo APE holders, but ultimately the community voted to stay within the Ethereum ecosystem.