On Wednesday evening, ERC-20 token ApeCoin broke below the previous all-time low of $1.78 to reach $1.77, according to data from CoinGecko. However, the crypto asset has bounced off the new all-time low to trade at $1.79 as of this writing.
Distributed by Yuga Labs, the Web3 company behind the most famous NFT collection, Bored Ape Yacht Club, ApeCoin is a token meant to power the firm’s blockchain-based game known as Otherside. The altcoin saw a massive rally in March 2022 when it launched. The price increase came at a time when Bored Ape NFTs were on the rise. However, as these digital art pieces began plummeting, so did ApeCoin.
The latest ApeCoin price drop comes a few days after elements of the Otherside game were showcased in an invite-only event. Bored Ape NFT holders who got the opportunity to attend the event had the chance to use their digital assets as avatars for the very first time.
ApeCoin and Bored Ape Price Analysis
When Yuga Labs rolled out ApeCoin, it started trading at $8.50. Within a month, the token’s price had hit an all-time high of $26.71. At the time, the Bored Ape collection also recorded a peak floor price of $429,500.
ApeCoin’s current price means the token is down 92% from its peak price and 74% over the last 12 months. Nonetheless, it still features among the top 100 cryptocurrencies by market cap. As of this writing, ApeCoin is ranked 65th with a market valuation of $674.9 million.
On the other hand, Bored Ape NFTs have seen their floor price drop to $52,600, representing an 87.7% decline from their all-time high, according to data from NFT Price Floor.
Meanwhile, Jeremy Cohen, a crypto influencer who was sued by Yuga Labs along with digital artist Ryder Ripps for copyright infringement allegations, describes the current price dips in ApeCoin and Bored Apes as ‘poetic justice.’ The two appeared in court on Monday for trial.
Otherdeed NFTs Record Massive Price Decline
It’s important to mention that the Otherside game’s virtual plots, known as Otherdeed NFTs, have also recorded a significant drop since they peaked at $9,950 in May 2022. The NFT Price Floor data indicates that the floor price of these NFTs is at $1,118, down 88% from their all-time high.
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