ApeCoin hits new low along with BAYC price
The March launch of ApeCoin caused a frenzy in the NFTs and cryptocurrency market. ApeCoin is an Ethereum token that functions as a native token of the growing Bored Ape Yacht Club (BAYC) ecosystem.
However, with markets now in turmoil, ApeCoin is falling much faster than other assets. Furthermore, even among gaming and metaverse-related tokens, ApeCoin has been leading the way in losses.
According to data from CoinMarketCap, ApeCoin (APE) has set a new all-time low of $3.10.
The broader cryptocurrency market dropped nearly 6% on Wednesday. The drop hit as much Bitcoin (BTC) and Ethereum (ETH) as other metaverse and gaming tokens, but not to the same degree as ApeCoin.
The Sandbox SAND token, for example, is down 7%. Meanwhile, the GMT token for the game Stepn has dropped more than 7% to almost $0.60.
ApeCoin’s recent bleed is even more significant when zooming out. In the last 30 days, the token has lost 65% of its value, according to CoinGecko. Compare that to a drop of 42% for SAND or 39% for Decentraland’s MANA token.
Bitcoin (BTC) is down 32% over the same period, while Ethereum (ETH) has lost 48% of its price.
Bored Ape Yacht Club member NFTs have also lost huge value in recent times. They plummeted below $100,000 for the first time in nearly a year.
The Bored Ape Yacht Club is a key symbol of the rise in ratings in the NFT market. The NFT is a favorite of celebrities, including Neymar, who bought a BYAC for more than $400 million. But just like the APE token, the bottom price of a Bored Ape has dropped by more than 54% in the last 30 days.
The drop is even more impressive when looking at the all-time high price of BYAC. The highest price paid was $429,000 (152 ETH) on April 29. This was shortly before the release of the Otherside metaverse, part of the BYAC ecosystem.
Otherside will be built around ApeCoin, as will other upcoming games and Web3 services. BYAC is one of the most popular projects in the NFT market, with over $2.2 billion in trading volume.