Yuga Labs‘ crypto token ApeCoin (APE) reported a 15% value drop within the final two weeks, with an all-time low of $1.58 final Friday. What’s going on with the value of ApeCoin? Let’s discover out!
TL;DR
Yuga Labs’ ApeCoin token has skilled a major drop, falling almost 93% from its all-time excessive in March 2022.
The present value of ApeCoin is $1.58, with the token’s worth exhibiting a decline on the 30-day chart.
The bear market has impacted Yuga Labs’ flagship mission, Bored Ape Yacht Membership and the decline in ApeCoin value might have an effect on different tasks like Otherside, regardless of ApeCoin’s excessive market cap of $704 million.
How Low Did the ApeCoin Value Drop?
Yuga Labs goes by means of difficult instances as their ApeCoin token plummeted shockingly over the previous 14 days. CoinGecko knowledge exhibits that APE dropped almost 93% from its all-time peak of $26.70 in March 2022.
Final Friday, the token was valued at $1.58. On the time of writing, the value of an ApeCoin is 1.91%. Right here’s a visible illustration:
Can Yuga Labs Recuperate From the Bear Market?
Proper now, the NFT market is attempting to recuperate after the bear market that began in 2022. Sadly, Yuga Labs’ high blue chip mission, Bored Ape Yacht Membership, continues to be struggling as of July this 12 months.
As an example, the enduring PFPs’ highest ground value was 152 ETH (about $429,000) reported in March 2022. Quick-forward to July, the gathering’s ground value is simply $52,000.
The current fall of the ApeCoin value may also have an effect on different Yuga Labs tasks, equivalent to Otherside. The crypto coin is the mission’s native token and it was a key aspect for the second Otherside playtest.
However, ApeCoin stays one of the crucial vital metaverse tokens right now. Its market cap of $704 million is remarkably excessive in comparison with different tasks, so it’s nonetheless value wanting into.
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