ApeCoin (APE), developed by Yuga Labs, the creator of the BAYC NFT collection, had made a significant impact with its market uptrends and high value increases in April 2022. However, ApeCoin, which has been experiencing value losses due to the recent market downtrend, has reached its all-time lowest price level according to current data after the striking declines recorded at the beginning of the week.
Continued Bloodshed in NFT Collections
With the global popularity of NFTs in 2021, there has been a significant increase in the number of NFT collections, and many corporate companies have started making various investments in this field. Especially during this period, there have been large-scale increases in the base prices of prominent NFT collections in the market.
On the other hand, with the cryptocurrency market also experiencing a downturn in late 2021, there have been striking declines in the base prices of NFT collections as well. The base price of the BAYC collection, which reached 153.7 on May 1, 2022, dropped to 29.5 ETH at the beginning of the week after the declines recorded over time.
Besides the decline in the BAYC collection, ApeCoin has also experienced a strong downward momentum and reached a new all-time low price level on the first day of August.
Reaching the All-Time Lowest Price Level
In addition to the decline in the base price of the BAYC collection, ApeCoin has also experienced a strong downward momentum. ApeCoin (APE), released by Yuga Labs, the developer of the BAYC NFT collection, has been contributing to the value losses in recent times with its market impacts and uptrends.
ApeCoin (APE) has also recorded a nearly 10% value loss in the past week, dropping to $1.77 price levels on the first day of August and reaching the all-time highest price level since its release, according to CoinGecko data.
