ApeCoin’s recent 42% plunge over the past month has left investors questioning its fate in the volatile NFT market.
- ApeCoin, linked to Bored Ape Yacht Club NFTs, dropped 42% in value in the last month.
- ApeCoin’s success relied on its link to the Otherside metaverse game and as its native currency.
- The ApeCoin DAO governs the project through community-driven decisions, impacting the token’s direction and supporting initiatives such as a price tracker and Ape-centric documentary.
ApeCoin, the Ethereum-based token associated with the Bored Ape Yacht Club (BAYC) NFT collection, has been making headlines lately for all the wrong reasons. While BAYC NFT prices have stabilized in recent times, ApeCoin has taken a significant hit, plunging to a new all-time low.
ApeCoin’s Dramatic Fall
As of the most recent data available, ApeCoin is trading at just $1.16, marking a 7% decrease over the past 24 hours. However, the more alarming statistic is its 42% drop over the last month, which has left many investors puzzled and concerned. To understand the gravity of this decline, it’s essential to look back at ApeCoin’s history.
The Rise and Fall of ApeCoin
ApeCoin made its debut in March 2022 when NFT collections like the Bored Ape Yacht Club were the epitome of luxury in the Web3 world. At its peak, ApeCoin reached an astonishing $26.70, aligning perfectly with the soaring prices of BAYC NFTs. During this period, owning even the cheapest Bored Ape would set you back a staggering 152 ETH, equivalent to approximately $429,000. It was a time when the NFT market was experiencing unprecedented hype.
ApeCoin vs. Bored Ape NFTs
Comparing the recent performance of ApeCoin to its monkey-themed NFT counterparts, a notable trend emerges. ApeCoin’s 42% drop over the past month has far outpaced the 21% dip in the floor price of Bored Ape NFTs. This divergence raises questions about the factors influencing ApeCoin’s downward spiral.
The Role of Otherside
One of the driving forces behind ApeCoin’s initial rise was the promise of the Otherside, a metaverse game developed by Yuga Labs. This digital universe, although still under development, created significant enthusiasm within the ApeCoin community as it planned to adopt ApeCoin as its native currency. In July, around 40 NFT owners and Bored Ape enthusiasts were given an exclusive glimpse into Otherside’s ongoing development. Gamers had the unique opportunity to use their Apes as virtual avatars as they explored Yuga’s virtual world.
The ApeCoin DAO
A unique aspect of ApeCoin is its decentralized autonomous organization (DAO), known as the ApeCoin DAO. This DAO serves as the official steward of ApeCoin, with token holders having a say in the project’s direction through regular voting.
Recent proposals within the ApeCoin community shed light on the divergence in opinions among token holders. For instance, the proposal to create an ApeCoin price tracker on the community’s Discord server faced significant opposition, with 99.9% of the 5 million ApeCoin cast in the vote being “against” the initiative.
Funding “Bored as F*ck” Documentary
Despite the lukewarm response to the price tracker proposal, there is one project that has garnered considerable support among ApeCoin holders. This project involves funding an Ape-centric documentary titled “Bored as F*ck.” Approximately 63% of the delegated ApeCoin supports the production and post-production of this documentary, with an estimated cost of $400,000, to be paid out in ApeCoin.
Conclusion
ApeCoin’s value has dropped, disappointing investors. It gained popularity through the Bored Ape Yacht Club and Otherside metaverse but struggles to maintain value in the ever-changing NFT market. ApeCoin’s future is uncertain, but its community-driven governance shows its holders are shaping its destiny. It’s worth monitoring as it continues to evolve in the digital landscape.
