ApeCoin (APE) Hits Record Low Amid Market Struggles

• ApeCoin is facing challenges just days after Yuga Labs held an invitation-only event.
• The token has fallen from its all-time high to its new low by a whopping 93%.

With further assault on the company’s “blue chip” Bored Ape Yacht Club NFT collection, ApeCoin, which powers Yuga Labs’ vast Otherside metaverse game and other apps, hit a record low on Tuesday.

According to CMC, the value of ApeCoin, dropped to $1.77 late Monday and early Tuesday. The token had recovered to $1.81 as of this writing, up 1.60% in the last 24 hours and 8.89% down in the last 7 days.

Terrible Decline

Following its spectacular growth in 2021 and 2022, Bored Apes Yacht Club NFTs established its 10,000 simian-centered valuables. In April 2022, as Yuga’s Otherside game readied to release NFT-based parcels of land that will allow players to customize their own locations in the online world, the minimum price of BAYC reached 152 ETH, or $429,000.

But ever since the prices of BAYC NFTs have fallen terribly due to overall market decline. The floor price of the BAYC collection (the price of the cheapest NFT posted) just barely passed $52,000 worth of Ethereum in early July, marking a new all-time low.

ApeCoin is facing challenges just days after Yuga Labs held an invitation-only event where forty NFT owners and diehard fans were given the chance to explore unreleased areas of the Otherside game. The initial price of one ApeCoin was $8.54 in March last year; by April 2022, it had risen to $26.70.

However, ApeCoin has fallen from its all-time high to its new low by a whopping 93%, and it has fallen 73% from its yearly high of $6.67.

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