Yuga Labs‘ crypto token ApeCoin (APE) reported a 15% price drop in the last two weeks, with an all-time low of $1.58 last Friday. What is going on with the price of ApeCoin? Let’s find out!
- Yuga Labs’ ApeCoin token has experienced a significant drop, falling nearly 93% from its all-time high in March 2022.
- The current price of ApeCoin is $1.58, with the token’s value showing a decline on the 30-day chart.
- The bear market has impacted Yuga Labs’ flagship project, Bored Ape Yacht Club and the decline in ApeCoin price could affect other projects like Otherside, despite ApeCoin’s high market cap of $704 million.
How Low Did the ApeCoin Price Drop?
Yuga Labs is going through challenging times as their ApeCoin token plummeted shockingly over the past 14 days. CoinGecko data shows that APE dropped nearly 93% from its all-time peak of $26.70 in March 2022.
Last Friday, the token was valued at $1.58. At the time of writing, the price of an ApeCoin is 1.91%. Here’s a visual representation:
Can Yuga Labs Recover From the Bear Market?
Right now, the NFT market is trying to recover after the bear market that started in 2022. Unfortunately, Yuga Labs’ top blue chip project, Bored Ape Yacht Club, is still struggling as of July this year.
For instance, the iconic PFPs’ highest floor price was 152 ETH (about $429,000) reported in March 2022. Fast-forward to July, the collection’s floor price is just $52,000.
The recent fall of the ApeCoin price can also affect other Yuga Labs projects, such as Otherside. The crypto coin is the project’s native token and it was a key element for the second Otherside playtest.
Nevertheless, ApeCoin remains one of the most important metaverse tokens today. Its market cap of $704 million is remarkably high compared to other projects, so it’s still worth looking into.