In the past few weeks The pressure in the NFT space has affected prominent profile picture (PFP) collections such as the Bored Ape Yacht Club, and it has also spread to the price of the ApeCoin (APE) token.
Yuga Labs’ collection-related crypto tokens have dropped 15% over the past 14 days, breaking an all-time low of $1.85 on Friday. before recovering slightly to $1.93 at the time of writing, according to CoinGecko
ApeCoin, which is based on the Ethereum network, was hotly launched in March 2022 and shortly after it was launched. The token price then soared to an all-time high of $26.70 in April. At the time, its market capitalization was nearly $7.6 billion. But now ApeCoin price is down almost 93% from its peak at the time of writing this article.
ApeCoin is a key component of Yuga Labs’ Otherside, serving as the standard currency for the project’s virtual world. And the token was also adopted after the launch of ApeCoin DAO, a decentralized autonomous organization. Community members, including Bored Ape holders, can set initiatives on things like projects and rules.
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