ApeCoin Crypto Drops to New Low

Liputan6.com, Jakarta In recent weeks, pressure in the NFT space has taken a toll on leading NFT collections like Bored Ape Yacht Club. That pressure also extends to ApeCoin (APE).

Reporting from Decrypt, Tuesday (11/7/2023), ApeCoin is the cryptocurrency associated with the collection of 10,000 NFT Bored Ape from Yuga Labs which has fallen 15 percent over the last 14 days, past an all-time low of USD 1.85 or equivalent to Rp. 28,097 (assuming an exchange rate of IDR 15,188 per US dollar) according to CoinGecko data.

As the NFT market struggles to find its footing again, ApeCoin crypto continues to decline. ApeCoin, the Ethereum-based cryptocurrency made its debut in March 2022, and shortly after launch, the simian-centric token soared to an all-time high of USD 26.70 in April.

At that time, its market capitalization reached USD 7.6 billion or equivalent to IDR 115.4 trillion. ApeCoin is now down nearly 93 percent from that peak. ApeCoin is an integral element of Yuga Labs, serving as the standard currency for its virtual world.

In late March, 7,200 so-called Voyagers participated in Yuga Labs’ metaverse game test, Otherside, which showed off a sneak peek of the upcoming game.

The token was adopted by Yuga Labs after being launched by ApeCoin DAO, a decentralized autonomous organization, where community members including Bored Ape holders can form initiatives on matters such as projects and regulations.

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