Ethereum-based token has fallen 65% in the past 30 days. It is falling harder than other virtual land and gaming tokens. The March launch ApeCoin, an Ethereum token to Yuga Labs’ Bored Ape yacht Club ecosystem, caused a frenzy on the NFT crypto and cryptocurrency markets. ApeCoin is falling faster than any other gaming or related tokens.
According to CoinGecko data, ApeCoin’s (APE), set an all-time record low of $3.10 per token overnight. Although the price is now at $3.24, it has seen a slight rebound over the last 24 hours. However, there has been an 11% drop in the token’s value.
The overall cryptocurrency market is down almost 6% today. Other metaverse and gaming tokens are also taking hits, but not in the same way as ApeCoin. The Sandbox has seen its SAND token drop 7% to $0.83 while the GMT token, which allows users to “move to earn” in the game Stepn, has fallen over 7% to close to $0.60.
Zooming out makes ApeCoin’s bleeding even more dramatic. According to CoinGecko, the token lost 65% over the past 30 days. This compares to a drop of 42% for SAND and a drop of 39% for Decentraland’s MANA token. Bitcoin (BTC), has dropped 32% in the same time frame, while Ethereum (ETH), has lost 48%.
The associated Bored Ape Yacht Club (NFT) has also lost massive value of late. The floor price, or price for the cheapest NFT available on a secondary marketplace–of a Bored Ape has fallen more than 54% in the last 30 days to $91,781 (76ETH), per NFT Floor.
This drop is even more remarkable when you consider the all time high price paid by Bored Ape Yacht Club for (152 Ethereum) on April 29th, right before Yuga launched virtual land NFT plots to support her Otherside metaverse. Otherside will be built around ApeCoin as well as other future games and services.
An NFT is a proof that an item has been purchased. It can be used to prove ownership, such as for digital goods, artwork and collectibles. Bored Ape Yacht Club is one the most well-known Ethereum NFT projects. It has more trading volume than $2.2 billion to date. However, prices and trading volumes have fallen in recent weeks due to market turmoil.
After the token was launched in March, owners of Mutant Ape Yacht Club FFTs and Bored Ape Yacht Club were eligible to receive thousands of APE free of charge. APE ‘s price soared to $26 in April ahead of the Otherside land sales, but then dropped to the $14 range within days. APE was sold shortly after the collapse of crypto markets.
ApeCoin holders have the ability to use their tokens for voting on governance proposals. Recently, the community was weighing whether APE should be kept in the Ethereum ecosystem. To try to attract APE holders, Rival network Avalanche presented a pitch but the community voted for staying within the Ethereum ecosystem.