ApeCoin Crashes Amidst Yuga’s Legal Turmoil: An All-Time Low

Monkey business in the courts brings ApeCoin to its knees.

Ape skulls scattered around in a barren desert, A vulture sitting on one of them.
Created by Gabor Kovacs from DailyCoin
  • ApeCoin fell below multi-year support to $1.77 early Tuesday.
  • Pauly, Ryder Ripps lash out at Yuga Labs on Twitter after court.
  • ApeCoin DAO declares voting on a new slogan for Web3 identity.

ApeCoin, the monkey-themed memecoin by Apecoin DAO, plunged to an all-time low yesterday. This happened around the same time as Pauly and Ryder Ripps, two prominent figures in the crypto space, attended the court hearing for Yuga Labs’ copyright infringement trial for RRBayc.

Despite a few prominent members of the Bored Ape Yacht Club recently testing out new features on Yuga Labs’ The Otherside metaverse game, the crypto that’s supposed to be powering it is going through rough times.

Gamers not Aping into the Otherside?

Otherside, the gamified metaverse experience, presented collectible NFTs like the Legends of the Mara, Kodas, and Vessels. However, the official Otherdeed for the Otherside NFT collection plummeted to an all-time low of 0.609 ETH. There were no Kodas sold in the last 24 hours.

ApeCoin, the primate embossed coin for the Otherside metaverse game, experienced a dramatic plunge in July with 17.7% in the red, hitting bottom at $1.77 on August 1st, 2023. One day later, $APE recouped just 2.23% from its ATL.

Meanwhile, ApeCoin DAO is asking the community to contribute their vote for “Narrowing Down Its Possible Mission Statements Before A Community Vote.” The digital primates are searching for identity in nine different mission statements. One of them reads: “ApeCoin’s mission is to become the coin of metaverse culture and blockchain gaming.”

The ambitions to lead metaverse gaming are fair play for Yuga Labs, a leading Web3 enterprise valued at $4 billion two years ago. However, metaverse gaming is going through an overall crisis as NFT demand fades in the shadow of artificial intelligence and cybersecurity concerns.

On The Flipside

  • There’s a “number of incorrect takes” regarding the Yuga Labs VS. Ryder Ripps lawsuit, as pointed out by the corporate and intellectual property attorney Ariel Givner.
  • Despite the floating rumors, Yuga Labs had already received a favorable response from the court in April, while the ongoing trial only seeks damages.

Why This Matters

ApeCoin presents a significant utility case for memecoins. A decentralized memecurrency running a metaverse environment is a relatively new concept, enthusiastically adopted by other popular memecoins like Shiba Inu or Floki.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.