- Crypto meltdown causes mass liquidations across the market.
- Bored Ape Yacht Club (BAYC) floor price dips below 30 ETH.
- ApeCoin is the most watched cryptocurrency of the week.
After a cash flow injection by the top APE whales, ApeCoin DAO’s native cryptocurrency is again spiraling downwards. Vanishing interest in NFTs overall significantly contributed towards BAYC, MAYC plummeting to the levels of September 2021.
However, ApeCoin’s social status has been on an upward trajectory, as $APE became the most watched cryptocurrency this week.
ApeCoin’s Struggles: A New Rock Bottom
Despite the growing social engagement, ApeCoin’s price movement is susceptible to the ongoing market-wide crypto meltdown – the total market capitalization lost 6% of its value overnight.
Previously, the monkey-themed memecoin Apecoin (APE) slid to $1.77, recording a new all-time low. Last weekend, the BAYC community and APE holders witnessed several crypto whales trying to save $APE in various ways.
For instance, NFT art collector and Bored Ape member Machi Big Brother proposed an Automatic Investment Plan (AIP) to the ApeCoin DAO. This and the updates on the APE-powered metaverse game Otherdeed by Otherside have aroused public interest again.
The deed resulted in $APE scratching up 13% gains in a day and successfully retesting the $2 fundamental resistance barrier. Nonetheless, the band-aid didn’t work for too long – ApeCoin dramatically plunged by 12.9% in the last 24 hours, becoming the day’s top loser. The heavy drop in price is also affected by $BTC dipping of 9%, as the APE vs. BTC price correlation stands at a high rate of 0.80.
APE is changing hands at $1.56, bouncing back from the $1.47 all-time low 15 hours ago, according to CoinGecko. Despite the still active bear cycle, the on-chain signals for $APE point to resilient net network growth and concentration metrics. ApeCoin’s network grew 3.81% despite Chinese property giant Evergrande filing for bankruptcy and BTC plunging.
On the Flipside
- Yuga Labs’ legal battles could have harmed $APE’s price, even though ApeCoin is no longer controlled by the Web3 giant.
Why This Matters
The memecoin $APE still holds value to the BAYC community, as it presents a couple of unique utility cases, including in-game purchases in metaverse gaming.
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