In the midst of a considerable drop in the base price of non-fungible tokens (NFTs) from the Bored Ape Yacht Club, the related cryptocurrency, apecoin (APE), has likewise suffered due to the bearish trends in that specific market. While many crypto assets have seen an increase in worth over the past month, APE has endured a considerable 35% decrease against the U.S. dollar, as evidenced by 30-day market data.
Apecoin Value Takes a Dive as Bored Ape Yacht Club NFTs Lose Ground
Precisely 476 days ago, on March 17, 2022, the crypto asset APE was disseminated through an airdrop to Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club members. Throughout its existence, apecoin (APE) has exceeded a year; however, following its significant surge during its initial launch, APE’s value has tumbled to significant lows.
APE hit it’s all-time low 17 days ago when it reached $1.96 per coin, and since then, apecoin has declined more than 92% compared to its all-time high recorded on April 28, 2022. Over the last month, APE has forfeited 35.6% of its worth against the U.S. dollar. In the past year, the distribution of APE has become somewhat concentrated with the top ten wallets holding 22.61% of the supply.
Nevertheless, a substantial portion of that supply in the top ten – or 163,074,506 APE – is staking and represents the most significant asset on the rich list. Statistics from the APE rich list further reveal that the top 100 APE wallets possess 65.42% of the entire supply. Currently, there is a circulating supply of 368,593,750 APE and 125,228 unique addresses holding APE.
The decline in APE’s price corresponds with the reduced floor value of Bored Ape Yacht Club (BAYC) NFTs, which has fallen from 61 ether to 30 ether since April 3, 2023. As of today, July 6, 2023, the BAYC floor value stands at approximately 30.27 ETH, according to nftpricefloor.com data.
Similarly, MAYC NFTs have declined from 13 ether on April 3 to a current value of 6.24 ether. At the end of March 2023, 7,000 players engaged in Yuga Labs’ Otherside metaverse event ‘Second Trip,’ linked to BAYC NFTs. The company also introduced the first season of HV-MTL Forge, a Web3 crafting game, last week.
Will Apecoin and Bored Ape Yacht Club NFTs make a recovery? Share your thoughts and opinions about this subject in the comments section below.
