ApeCoin (APE), tied to Yuga Labs’ Bored Ape Yacht Club collection, has seen a near 93% drop from its peak price.
The NFT space has been under pressure, impacting prominent collections like the Bored Ape Yacht Club. This stress seems to have extended to ApeCoin (APE) as well. The cryptocurrency token, associated with Yuga Labs‘ 10,000 Bored Ape NFTs, has fallen 15% in the past two weeks, hitting a record low of $1.85 on Friday.
As the NFT market struggles to regain its footing, ApeCoin continues to decline. Despite Bored Ape NFTs recovering $10,000 from recent multi-year lows, ApeCoin was just two cents away from a new low on Monday after Friday’s record low.
ApeCoin, an Ethereum-based cryptocurrency, debuted in March 2022 and soon after its launch, the ape-focused token reached a record high of $26.70 in April. It has now fallen nearly 93% from that peak.
While ApeCoin’s price is near historic lows, its current market capitalization of around $700 million reflects the total value of tokens used in other metaverse projects, including The Sandbox’s SAND ($769 million) and Decentraland’s MANA ($699 million).
