In the aftermath of the landmark sale of Otherdeeds – NFTs key to the upcoming Otherside metaverse – ApeCoin has seen a huge dip in price. This follows a big price increase last week as ApeCoin was the only way for people to actually buy Otherdeeds in the primary sale.
Many predicted the post-mint dip in ApeCoin price
ApeCoin first launched back in March 2022. At that time, we learned that ApeCoin would become the central token of the Yuga Labs ecosystem. To be sure the announcement came with a great deal of excitement and speculation. In any case, the ApeCoin price didn’t shift too much in comparison to other cryptocurrencies, which are all highly volatile.
The real price action for ApeCoin would come about a month later. In particular, after Yuga Labs announced that its then-upcoming mint would take place exclusively in ApeCoin. That news saw the price of the cryptocurrency skyrocket. As a matter of fact, ApeCoin saw an all-time high price of $27.51 on April 28, according to Coinbase.
However, as much sense as it made that the ApeCoin price would surge leading up to the sale, the inverse would turn out to be true. That is to say, the price would go down once the mint happened and there was no longer an immediate need for it. As of Monday, May 1st, the price had dipped by 16%. As of the time of writing the price sits at $14.90.
Indeed, this reality was obvious enough for countless different people on NFT Twitter to predict. What wasn’t as clear was just bad many people’s mint experiences would be.
As it turned out, many who bought ApeCoin at inflated prices the week of mint weren’t even able to mint. That’s of course due to the unbelievable gas fees that arose from the sale. As a result, many disgruntled ApeCoin buyers now had at least 610 ApeCoin that they bought for a mint they couldn’t even participate in.
Long term, this momentary dip will likely be just another in a series of ApeCoin price movements over time. What’s much more important is how the ApeCoin DAO and Yuga Labs choose to utilize ApeCoin in the future.
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