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ApeCoin, released by Yuga Labs, the creator of the well-known and high-volume collection Bored Ape Yatch Club (BAYC), gained popularity in April 2022 but has recently experienced a significant downward trend. ApeCoin has been affected by the overall market decline, leading to a downward price movement and reaching its all-time low price levels.
Made a Mark on the Market with its Rise in April 2022
Since 2021, NFT collections have gained immense popularity globally, resulting in substantial percentage increases in their values within short periods. Bored Ape Yatch Club (BAYC), one of the most well-known and highest-volume collections in the NFT ecosystem, stood out in the market during this period and experienced significant value growth.
However, with the downward momentum of the cryptocurrency market, the base prices of NFT collections started to decline, leading to substantial value losses. After the recent value losses, the base price of the BAYC collection, which exceeded 153 ETH on May 1, 2022, dropped to 27.5 ETH.
During this period, ApeCoin, released by Yuga Labs, the developer of the BAYC collection, made a mark on the market with its rise in April 2022, surpassing $23 on April 29. However, ApeCoin has reached its all-time low price levels since its launch, following months of value losses according to CMC data.
ApeCoin Reaches All-Time Low Prices
Due to the downward trend in the cryptocurrency market and the high-value losses in the leading cryptocurrency Bitcoin, ApeCoin has recently experienced a strong downward momentum. Within the past month, ApeCoin recorded a value loss of nearly 40%, and in the past 24 hours, it surpassed 10%.
Within the past 24 hours, ApeCoin also recorded an average value loss of 8%, starting to trade at $1.16. Additionally, ApeCoin has reached its all-time low price levels according to CoinMarketCap’s data, following these recent value losses.
