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Market News ApeCoin Falls 42% in 30 Days as the NFT Market Declines

ApeCoin Falls 42% in 30 Days as the NFT Market Declines

ApeCoin, a token associated with the Bored Ape Yacht Club NFT series, hit an all-time low in value in 2023. ApeCoin’s decline has been linked to a slowdown in the NFT market and development delays for the Otherside game. ApeCoin holders can participate in project decision-making through the ApeCoin DAO, but recent proposals have also caused divisions in the community.

TOP1 Markets Analyst

2023-09-12

10472

ApeCoin, the Ethereum-based token associated with Yuga Labs' Bored Ape Yacht Club NFT collection, has experienced a substantial decline and reached a record low. According to CoinGecko, the token, which is currently trading at $1.16, has dropped 7% in the last 24 hours and an astounding 42% in the last month. In comparison to its highest performance in 2021 and 2022, ApeCoin's price decline coincides with a slowdown in the NFT market.

The Bored Ape Yacht Club NFT collection has fared marginally better, as its floor price has decreased by only 21% over the same time period. Despite this, the value of the Apes continues to fluctuate, reaching a multi-year low in August. Shortly after its debut in March 2022, ApeCoin's value reached its all-time high of $26.70, in stark contrast to its current decline.

Otherside is a metaverse game created by Yuga Labs that initially caused the token's value to rise, as it is intended to be the digital universe's native currency. As the game remains in development, however, the token's value has diminished. The ApeCoin DAO, the token's official "steward," allows token holders to partake in the project's direction via regular votes. Recent proposals have elicited conflicting responses from the community, with the creation of an ApeCoin price tracker encountering significant opposition while funding an Ape-centric documentary receives increasing support.