(Image credits: Wccftech)
In a striking turn of events, ApeCoin, the Ethereum-based token associated with the famed NFT collection of “Bored Apes,” has plummeted to an unprecedented all-time low this week, casting doubt on the revival efforts by Yuga Labs, the creator of Bored Apes. Decrypt’s latest report reveals that the attempts to inject vigor back into the trend have so far yielded disappointing results.
This development follows closely on the heels of Yuga Labs’ unveiling of select features from their upcoming metaverse game, “Otherside,” showcased during an exclusive event. The game’s foundation is intricately linked to ApeCoin, making this plummet in its value all the more concerning for enthusiasts and investors.
In what seems like a recurrent refrain, the appetite for NFTs continues its gradual and painful descent, dragging down the valuation of once-prized Bored Apes along with it. ApeCoin recorded a historic nadir, sinking to a meager $1.77 late on Monday before managing a minor recovery to a still dismal $1.79 at the time of reporting. This marks a disheartening decline of approximately nine percent compared to the preceding week.
The saga of ApeCoin commenced in March 2022 with an initial price of $8.54, scaling remarkable heights of over $26 by April of the same year, as per Decrypt’s account. Simultaneously, the value of Bored Ape NFTs reached a zenith, commanding staggering prices amounting to millions of dollars.
However, the panorama has significantly shifted, as evidenced by last month’s stark descent, causing certain NFT prices to plummet to as low as $52,000, a far cry from their former glory.
As questions emerge regarding the sustainability of the trend, it is worth acknowledging that while Bored Apes may no longer bask in the limelight of celebrity endorsements and collector fervor, a discernible trace of intrigue persists. NFTs, despite their diminished stature, seem poised to remain a presence in the foreseeable future, ensuring that they endure beyond their past glories, albeit in a more subdued capacity.
