In recent times, while the prices of Bored Ape Yacht Club NFTs have found some stability, the Ethereum NFT token associated with the project, known as ApeCoin, continues its downward trajectory.
Exploring the ApeCoin Descent
ApeCoin, the Ethereum-based token closely tied to Yuga Labs’ renowned NFT collection, the Bored Ape Yacht Club, has recently hit an all-time low. Currently trading at a mere $1.16, it has seen a 7% decline in value over the past 24 hours, according to CoinGecko. Over the course of the last month, this simian-themed cryptocurrency has faced substantial headwinds, witnessing a staggering 42% drop in value.
ApeCoin’s journey began on a high note, reaching an impressive peak of $26.70 shortly after its launch in March 2022. This was a time when “blue chip” NFT collections like the Bored Ape Yacht Club were regarded as symbols of luxury closely associated with the Web3 era. At its zenith, the most affordable Ape was valued at approximately 152 ETH, equivalent to about $429,000, aligning with the pinnacle reached by ApeCoin and the BAYC in late April 2022.
A Glimpse into ApeCoin’s Enthusiastic Community
In July, a select group of 40 NFT owners and avid Bored Ape enthusiasts were granted an exclusive opportunity to explore Otherside’s ongoing development. Gamers had the privilege of embodying their Apes as virtual avatars while embarking on an adventure in Yuga’s virtual realm for the first time.
The governance of ApeCoin rests with a decentralized autonomous organization known as the ApeCoin DAO, which was also responsible for the token’s launch. ApeCoin holders actively participate in shaping the project’s future through periodic voting sessions.
Recent proposals are currently under scrutiny, including the potential creation of an ApeCoin price tracker, designed to furnish the community with real-time information within the Discord server. Surprisingly, despite the absence of associated costs, a significant 99.9% of the 5 million ApeCoin votes cast during this initiative have been cast in opposition.
Supporting an Ape-Centric Documentary
On a different note, there is substantial interest in financing a documentary titled “Bored as F*ck,” centered around the world of Apes. Approximately 63% of the ApeCoin designated for voting endorses the funding of both the production and post-production of this documentary, which is projected to require a total budget of $400,000, to be disbursed in ApeCoin.
In conclusion, ApeCoin’s recent descent has been a topic of concern within the cryptocurrency community. Despite its promising beginning, the journey has been marked by volatility and challenges. As the ApeCoin DAO continues to explore new avenues for community involvement, it remains to be seen whether ApeCoin can regain its former glory in the ever-evolving world of NFTs.