Yuga Labs‘ Ethereum-based token ApeCoin, linked to its NFT collection of the same name, is in trouble following a turbulent week for the broader cryptocurrency market. The token has dropped 30% over the past seven days amid rising geopolitical tensions in the Middle East.
Momentum Decline in APE
According to CoinGecko, ApeCoin’s price has fallen 74% since last April, bringing its current price down to $1.19. This decline approaches its all-time low of $1.01 set last October, as ApeCoin DAO, the token’s official manager, evaluates various proposals from community members.
Among the notable initiatives are creating a “dominant presence” at an upcoming NFT conference in Portugal and a reward program for ApeCoin and Yuga NFT holders. Meanwhile, the base price of the Bored Ape Yacht Club collection, representing the cheapest NFT in the market, has dropped 67% from last year’s $103,000 (52 ETH) to $33,000 (11 ETH).
Historical Data in NFTs
This situation leaves Bored Apes’ base price strikingly close, just 1 ETH away, from other major PFP collections including Pudgy Penguins, CyberKongz, and XCOPY’s scammers. Bored Ape Yacht Club became synonymous with expensive NFTs in 2021 and early 2022. For instance, at the peak of Bored Apes’ base price, Yuga Labs’ Otherside game targeted the metaverse, reaching a minimum price of 152.
ApeCoin is expected to become the de facto currency for Yuga Labs’ new projects, including limited game tests for Otherside, which has not yet consistently opened to players. On the other hand, earlier this month, the Bored Ape community faced a cultural loss. The Los Angeles-based burger restaurant Bored & Hungry closed its doors two years after opening, temporarily sidelining the U.S. NFT collection from earning IP revenue.
