ApeCoin has failed to break away from the current bearish trend in the cryptocurrency market, dropping 2.43% in the last 24 hours.
Ape, which is currently priced at $8.20, according to data from Coinmarketcap has suffered a drop of 24.22% in the last seven days despite its huge community and the fact that it posted a profit of 1600% on its very first day of listing in March.
Investors King understands that the digital asset with a market capitalisation of $2,300,236,582, has been hit by seesaw price action similar to last week’s volatile moves in the cryptocurrency market that plunged the value of TerraUSD (UST).
Ape, which is ranked 32 on Coinmarketcap, has a market dominance of 0.18%, with a 24-hour low of $7.88 and a 24-hour high of $9.15.
Launched and listed in March by The Bored Ape Yacht Club, the ApeCoin jumped from about $1 a coin it was listed on Binance to $28 a coin within 24 hours before paring gains to $9 a coin. In April, it surged again to $24.19 when Bored Ape Yacht Club announced its metaverse NFT.
After the spike in price, the asset seesawed to $24.83, then went on a steady decline to its current price of 8.20.
ApeCoin is an ERC-20 token designed for governance and utility within the APE Ecosystem. The asset was launched as a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club project.
The cryptocurrency was launched with the aid of being the coin-of-choice for a new metaverse ecosystem being built out by Yuga Labs.
The popularity of ApeCoin within the metaverse has continued to grow. On May 2, the Apecoin project announced that with Polygon support, APE is now available via MATIC’s 19,000 decentralized applications (dapps) and games.
The integration was made after the Yuga Labs’ Otherdeeds nonfungible token (NFT) minting incident that led to speculation about a new chain for APE following the issue of high gas.
However, an Apecoin DAO board member, Yat Siu, dismissed the discussion about the creation of an Apecoin blockchain.
‘’Following the @OthersideMeta mint we saw a series of reactions & discussions in & around the @apecoin community including that $ape should move to its own chain to limit issues with gas fees & scaling. Let me step back and provide some clarity & context,’’ he said.
‘’No discussion was had either at the @apecoin board level or with any other parties (including @yugalabs ) of a possible apechain; this is a completely new idea to us.
‘’As with all @apecoin DAO initiatives, any decision to consider building a chain can only be done with the consent of the @apecoin community through.
