Jamal Al-Farouq The Bored Ape Yacht Club (BAYC) has experienced a significant decline in the value of its non-fungible tokens (NFTs), which has had a detrimental impact on the associated cryptocurrency, apecoin (APE). As the NFT market suffers from a bearish trend, APE has also plummeted by 35% against the U.S. dollar in the last month, based on market data spanning 30 days.
Apecoin Value Dives as Bored Ape Yacht Club NFTs Lose Ground
Approximately 476 days ago, on March 17, 2022, APE was distributed through an airdrop to members of the Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club. Despite its existence surpassing a year, the value of apecoin (APE) has drastically fallen after its initial surge, reaching significant lows.
On July 6, 2023, at 1:31 p.m. (ET), the value of Apecoin (APE) hit an all-time low. It reached $1.96 per coin, signifying a decline of more than 92% compared to its peak value recorded on April 28, 2022. Over the past month, APE has lost 35.6% of its value against the U.S. dollar. Notably, the distribution of APE has become concentrated in the top ten wallets, which collectively hold 22.61% of the supply.
However, it is worth mentioning that a substantial portion of the supply within the top ten wallets, equivalent to 163,074,506 APE, is being staked and represents the most significant asset on the rich list. The APE rich list statistics further indicate that the top 100 APE wallets possess 65.42% of the total supply. Currently, there are 368,593,750 APE in circulation, held by 125,228 unique addresses.
The decline in APE’s price correlates with the reduced floor value of Bored Ape Yacht Club (BAYC) NFTs, which have dropped from 61 ether to 30 ether since April 3, 2023. As of July 6, 2023, the BAYC floor value stands at approximately 30.27 ETH, as reported by nftpricefloor.com.
Moreover, the value of MAYC NFTs has also decreased from 13 ether on April 3 to the current value of 6.24 ether. In March 2023, Yuga Labs’ Otherside metaverse event ‘Second Trip’ attracted 7,000 participants, who were linked to BAYC NFTs. The company also recently introduced the first season of HV-MTL Forge, a Web3 crafting game.
Do you think Apecoin and Bored Ape Yacht Club NFTs will recover? Share your thoughts and opinions on this matter in the comments section below.
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Frequently Asked Questions (FAQs) about cryptocurrency
Q: What is the current state of Apecoin (APE) and Bored Ape Yacht Club NFTs?
A: Currently, Apecoin (APE) has experienced a significant decline, plummeting 92% from its peak. This decline mirrors the drop in value of Bored Ape Yacht Club (BAYC) NFTs. Both APE and BAYC are facing a challenging market situation.
Q: How has Apecoin’s value changed recently?
A: Over the past month, Apecoin (APE) has seen a 35% decrease in value against the U.S. dollar. It hit an all-time low of $1.96 per coin, indicating a decline of more than 92% compared to its highest recorded value in April 2022.
Q: Are there any concentration issues with Apecoin’s supply?
A: Yes, there has been some concentration of Apecoin (APE) supply. The top ten wallets currently hold 22.61% of the total supply. However, it’s important to note that a substantial portion of the supply in those wallets is staked, representing the most significant asset on the rich list.
Q: How does the decline in Apecoin’s price correlate with Bored Ape Yacht Club NFTs?
A: The decline in Apecoin’s price is closely linked to the reduced floor value of Bored Ape Yacht Club (BAYC) NFTs. The floor value of BAYC NFTs has dropped from 61 ether to 30 ether since April 3, 2023, which has had a negative impact on APE’s value.
Q: Is there any potential for a recovery for Apecoin and Bored Ape Yacht Club NFTs?
A: The recovery potential for Apecoin (APE) and Bored Ape Yacht Club (BAYC) NFTs is uncertain at this time. Market conditions and investor sentiment will play a significant role in determining whether they can regain value. The future outlook for both APE and BAYC remains speculative and subject to market dynamics.
4 comments
APE and BAYC in a tough spot, but crypto’s unpredictable. Let’s see if they can find their way back up. Fingers crossed!
wow, Apecoin and Bored Ape NFTs r doin’ terrible, losin’ 92% of value! Can they recover? idk, d market’s wild!
Apecoin’s decline is no surprise, NFT market been shaky. Gotta watch those floor values, they’re droppin’ like crazy!
APE and BAYC NFTs crashin’ hard, not good for hodlers. Hope they bounce back, but it’s a risky game right now.