ApeCoin Price Sinks to All-Time Low as Bored Ape NFTs Dip Again

ApeCoin Price Sinks to All-Time Low as Bored Ape NFTs Dip Again

ApeCoin, the Ethereum-based token set to power Yuga Labs’ ambitious Otherside metaverse game and other apps, slipped to an all-time low on Tuesday as the firm’s “blue chip” Bored Ape Yacht Club NFT collection faced renewed pressure as well. Known for its link to the valuable Bored Ape profile pictures (PFPs), ApeCoin fell as low as $1.77 late Monday and into early Tuesday, according to CoinGecko. As of this writing, the token had rebounded to $1.84—but it was still down 1% over the past day and 9% during the last week. The meteoric rise of Bored Apes Yacht Club NFTs in 2021 and 2022 established its 10,000 simian-centered collectibles as icons of Web3 for mainstream audiences. But as the market for PFPs falters more broadly, assets associated with Yuga Labs’ smash hit appear to be falling back to earth. ApeCoin hit the market in March 2022 at a price of $8.54 and surged as high as $26.70 the following month. Bored Apes also reached a peak minimum price of 152 ETH or $429,000 in April 2022 as Yuga’s Otherside game prepared to launch NFT-based land plots that will let players customize their own spaces in the online world. The newfound low for ApeCoin represents a more than 93% decline from its all-time high.