APE Takes A Beating As It Sheds 50% Of Its Price

APE must cling tight, or else it falls and suffer a major “injury.”

Non-fungible tokens and the metaverse are no longer merely buzzwords in the cryptocurrency industry.

In 2021 alone, the market for NFTs was valued at $40 billion, a tremendous increase from the previous year. This market has continued to expand this year with the emergence of new NFT marketplaces.

We also observed a new coin — ApeCoin — causing a sector-wide ruckus in tandem with this expansion.

Suggested Reading | Moonbirds And Solana NFT Trading Volume Is On A Tear As Sales Rally 45%

ApeCoin still makes a lot of noise, despite suffering losses in the market. (DailyCoin)

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 renowned Bored Ape Yacht Club (BAYC) NFT collections, Yuga Labs, has selected APE as the principal token for all new products and services.

Despite being the newest cryptocurrency on the market as of April of this year, its market capitalization ranks 47th, at $3.445 billion.

Suggested Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over?

APE Drops Hard From ATH

APE reached an all-time high of $28 at the conclusion of April. But on May 2, 2022, just days after reaching its ATH, the token plunged and reached a low of $16.71.

Given the media attention that ApeCoin is already garnering, if the price continues to grow, this token might become one of the finest cryptocurrencies in 2022.

APE total market cap at $3.445 billion on the weekend chart | Source: TradingView.com

However, in contrast, APE’s price has dropped significantly during the past week, by approximately 50.42 percent.

APE’s daily trade volume has also reduced by double digits, falling by approximately 40 percent.

The price of APE is getting closer to 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 midday, the price of APE has declined versus Bitcoin (BTC) and Ethereum (ETH) by around 7.50 percent and 6.30 percent, respectively. APE is currently valued 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, about 48 percent of the total supply will be distributed to the DAO’s treasury over the course of 48 months.

The stock price of ApeCoin began on March 17 at $5 and increased by more than 250 percent within the first 48 hours of trade. After reaching $18, APE pulled back little and is now returning to re-evaluate this region.

Featured image NMK World, chart from TradingView.com