The Ethereum-based token ApeCoin, which is used in the Otherside metaverse game and other initiatives by Yuga Labs, decreased on Tuesday.
The Ethereum-based Token ApeCoin Decreased on Tuesday
The Ethereum-based token ApeCoin, which is used in the Otherside metaverse game and other initiatives by Yuga Labs, decreased on Tuesday.
ApeCoin reached a one-year low of $1.767 on Tuesday, according to CoinMarketCap, before rebounding to $1.84. It is down 7% over the past week.
Similarly, Yuga Labs’ flagship NFT collection, Bored Ape Yacht Club (BAYC), saw a steady decline in floor price from 82.73 ETH a year ago, to 29.36 ETH currently.
The decrease follows an exclusive event when 40 BAYC owners and superfans saw new areas of Yuga Labs' virtual world and saw sneak peeks of its Otherside game.
When ApeCoin first entered the market in March 2022 at a price of $8.53. The following month, its value almost tripled to $23.65. However, partly due to an overall sluggish NFT market, ApeCoin has seen a decline of more than 78% from its highs. Despite this, the token currently has a market cap of $679M.
