APE must hold on tight or else he will fall and sustain a major “injury”.
Non-replaceable tokens and the metaverse are no longer just buzzwords in the cryptocurrency industry.
In 2021 alone, the market for NFTs was valued at $40 billion, a huge increase from the previous year. This market has expanded further this year with the emergence of new NFT marketplaces.
We also saw a new coin – ApeCoin – which, along with this expansion, caused an industry-wide uproar.
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ApeCoin is still making a lot of noise despite losses in the market. (Daily Coin)
ApeCoin is a recently launched cryptocurrency on the Ethereum (ETH) network. The coin is the native cryptocurrency of the APE ecosystem, which consists of the ApeCoin DAO and all APE-based services and goods.
The developer of the well-known Bored Ape Yacht Club (BAYC) NFT collections, Yuga Labs, has chosen APE as the main token for all new products and services.
Despite being the newest cryptocurrency on the market as of April of this year, its market cap ranks 47th, at $3.445 billion.
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APE falls hard from ATH
APE hit a record high of $28 in late April. But on May 2, 2022, just days after hitting the ATH, the token collapsed, hitting a low of $16.71.
Given the media attention that ApeCoin is already getting, if its price continues to grow, this token could become one of the top cryptocurrencies in 2022.
APE Total Market Cap at $3.445 Billion on the Weekend Chart | Source: TradingView.com
In contrast, the price of APE has fallen significantly in the past week, by about 50.42 percent.
APE’s daily trading volume has also fallen by double digits, at around 40 percent.
APE’s price is approaching its 24-hour low. It has a 24-hour high of $13.70 and a low of $12.28.
Losing steam vs. BTC and ETH
As of Sunday afternoon, the price of APE has fallen against Bitcoin (BTC) and Ethereum (ETH) by about 7.50 percent and 6.30 percent, respectively. APE is currently valued at around 0.0003453 BTC and 0.004644 ETH.
There are a total of 1 billion APE tokens and 15% of the token supply is allocated to NFT holders. In addition, approximately 48 percent of the total supply will be distributed to the DAO’s treasury in 48 months.
ApeCoin’s share price started at $5 on March 17 and rose more than 250 percent within the first 48 hours of trading. After hitting $18, APE pulled back little and now returns to re-evaluate this region.
Featured image NMK World, chart from TradingView.com