The once-thriving non-fungible tokens (NFTs) market is currently experiencing a downward trend, with digital assets losing value with each passing day. Among the affected collections is the Bored Ape Yacht Club, or BAYC NFTs, which has seen its floor prices drop significantly.
In tandem with this decline, ApeCoin (APE), linked to the Bored Ape Yacht Club (BAYC) NFT collection, has suffered a significant drop in value. The token reached its all-time low last Friday, plummeting to $1.82. This sharp decline is a far cry from its initial price of over $26 when it was first listed on Binance last year.
BAYC NFTs Market and APECoin Face Steep Decline
The market cap of ApeCoin, which had once approached $7 billion, has now dwindled to about $680 million. APE’s value has dropped by more than 17% over the last month and has fallen by over 93% since its all-time high in March 2022, reaching a new record low of $1.82 in July 2023. It currently trades at $1.84, a decrease of 4% in the last 24 hours.
This substantial decrease mirrors the current state of the NFT market and has also affected the performance of the Bored Ape Yacht Club (BAYC) NFT collection.
The floor price of highly sought-after Bored Ape NFTs has seen about a 3% decline over the past week, resting at around 30 ETH at present. This downward trend aligns closely with the falling value of ApeCoin (APE), suggesting a potential correlation between the two.
BAYC NFTs’ floor price dropped by 80% from its all-time high in March 2021 and is now below 30 ETH or roughly $56,000 at press time.
Meanwhile, ApeCoin plays a vital role in Yuga Labs’ virtual world called Otherside, where it serves as the primary currency. In March 2022, around 7,200 participants had the opportunity to experience a test version of Otherside. The ApeCoin DAO, a decentralized autonomous organization, introduced the token, allowing community members and Bored Ape holders to participate in decision-making processes.
As the NFT market continues to struggle to regain stability, It remains to be seen whether ApeCoin and BAYC NFTs can recover and return to their previous heights in the future.