The Cryptos News | Daily Bitcoin News
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
The Cryptos News | Daily Bitcoin News
No Result
View All Result
Home Top Cryptos Ethereum (ETH)

ApeCoin Hits New Low as Ethereum, Bored Ape NFT Prices Tumble – Decrypt

ApeCoin Hits New Low as Ethereum, Bored Ape NFT Prices Tumble – Decrypt
Share on FacebookShare on Twitter


In brief

  • ApeCoin, the Ethereum token of the Bored Ape Yacht Club ecosystem, has fallen 65% in value over the past 30 days.
  • The token has lost significantly more value than other gaming-related tokens during the ongoing crypto market crash.

The March launch of ApeCoin—an Ethereum token for the Yuga Labs’ burgeoning Bored Ape Yacht Club ecosystem—caused a frenzy in the NFT and crypto markets. But with those markets now in turmoil, ApeCoin is tumbling much faster than other gaming and metaverse-related tokens.

Overnight, per data from CoinGecko, ApeCoin (APE) set a new all-time low of $3.10 per token. As of this writing, the price has rebounded slightly to $3.24, but has still seen an 11% drop over the past 24 hours.

The wider cryptocurrency market is down nearly 6% today, and other metaverse and gaming tokens have similarly taken hits—but not to the same degree as ApeCoin. The Sandbox’s SAND token has dropped 7% to $0.83, while the GMT token for “move-to-earn” game Stepn has dropped over 7% to nearly $0.60.

ApeCoin’s recent bleeding is even more significant when zooming out. Over the past 30 days, the token has lost 65% of its value, per CoinGecko. Compare that to a 42% drop for SAND, or 39% drop for Decentraland’s MANA token. Bitcoin (BTC) is down 32% over the same span, while Ethereum (ETH) has shed 48% of its price.

The associated Bored Ape Yacht Club NFTs have also shed massive value of late. Measured in U.S. dollars, the floor price—or price for the cheapest available NFT on a secondary market—of a Bored Ape is down more than 54% over the past 30 days at a current price of $91,781 (76 ETH), per NFT Price Floor.

The drop is even more striking when looking back to the Bored Ape Yacht Club’s all-time high price of about $429,000 (152 ETH) set on April 29, right before the launch of virtual land NFT plots for Yuga’s upcoming Otherside metaverse game. Otherside will be built around ApeCoin, as will other future games and Web3 services.

An NFT works like a proof of ownership to an item, including digital goods like profile pictures, artwork, and collectibles. The Bored Ape Yacht Club is one of the most popular Ethereum NFT projects, with more than $2.2 billion worth of trading volume to date, although trading and prices have both fallen significantly in recent weeks amid market turmoil.

Owners of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were able to claim thousands of free APE upon the token’s launch in March. The price of APE soared in late April above $26 ahead of the Otherside land sale, but then quickly tumbled into the $14 range in the days following the sale. Not long after, the crypto market collapsed and APE went with it.

ApeCoin holders can use their tokens to vote on governance proposals, and recently the community has been contending with whether to keep APE in the Ethereum ecosystem. Rival network Avalanche put forth a pitch to try and woo APE holders, but ultimately the community voted to stay within the Ethereum ecosystem.

Want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news stories + weekly roundups and more!



Read More:ApeCoin Hits New Low as Ethereum, Bored Ape NFT Prices Tumble – Decrypt

Tags: ApeApeCoinBoredDecryptEthereumhitsNFTPricesTumble
Previous Post

Crypto Wins When We Keep it Simple as Umbria Network Shows

Next Post

Looks Like Bitcoin (BTC-USD) Could Be Reaching “Maximum Pain”

Related Posts

Here’s What’s Next for Bitcoin (BTC), Ethereum (ETH) and One Altcoin That Over Exploded

Here’s What’s Next for Bitcoin (BTC), Ethereum (ETH) and One Altcoin That Over Exploded

by The Cryptos News
July 30, 2022
0

A widely followed trader is exploring the near-term outlook of the two largest-crypto assets and one altcoin that has...

This is how the crypto market, especially BTC and ETH, reacted amid latest Fed hike

This is how the crypto market, especially BTC and ETH, reacted amid latest Fed hike

by The Cryptos News
July 30, 2022
0

The Federal Reserve increased the interest rate by a further 0.75% and the crypto markets responded bizarrely. The U.S....

How to Buy Polkadot Coin | Cryptopolitan

How to Buy Polkadot Coin | Cryptopolitan

by The Cryptos News
July 30, 2022
0

Polkadot is one of the top 20 cryptocurrencies by market capitalization, and it has been gaining in popularity lately.DOT...

Mehracki Token (MKI), Binance Coin (BNB), and Cardano (ADA) – Cryptocurrencies Poised To

Mehracki Token (MKI), Binance Coin (BNB), and Cardano (ADA) – Cryptocurrencies Poised To

by The Cryptos News
July 30, 2022
0

The world of cryptocurrencies is becoming ever more popular, and the speed at which people begin trading grows more...

Next Post
Looks Like Bitcoin (BTC-USD) Could Be Reaching “Maximum Pain”

Looks Like Bitcoin (BTC-USD) Could Be Reaching "Maximum Pain"

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trending News

Payperless Crypto Wallet announced working on NFT tokens support

Payperless Crypto Wallet announced working on NFT tokens support

June 25, 2022
June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

July 14, 2022
Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

July 30, 2022
ADVERTISEMENT

Investment

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

July 30, 2022
Study up and become a more informed crypto investor with this bundle

Study up and become a more informed crypto investor with this bundle

July 30, 2022
Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

July 30, 2022
Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

July 29, 2022
$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

July 29, 2022

Prices

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

July 30, 2022
Tron price prediction as Unifi Protocol TVL explodes

Tron price prediction as Unifi Protocol TVL explodes

July 30, 2022
Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

July 30, 2022

Crypto Flipsider News – Crypto Market Rally; Nirvana (NIRV) Exploited; Vasil Delayed;

July 29, 2022

Trading

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

July 30, 2022
SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

July 30, 2022
Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

July 29, 2022
FTX wins full approval to operate crypto exchange in Dubai

FTX wins full approval to operate crypto exchange in Dubai

July 29, 2022
Crypto exchange Zipmex files for bankruptcy protection in Singapore

Crypto exchange Zipmex files for bankruptcy protection in Singapore

July 29, 2022
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA

© 2021 Thecryptosnews.com

No Result
View All Result
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading

© 2021 Thecryptosnews.com

wpDiscuz