ApeCoin Plummets: The Downfall After Bored Ape NFT Boom

• Non-fungible tokens (NFTs) are experiencing a decline in value.
• ApeCoin, associated with the Bored Ape Yacht Club (BAYC) NFT collection, has hit an all-time low.
• The market value of ApeCoin, which once approached $7 billion, is now around $700 million.

The Decline of NFTs and ApeCoin

NFTs Losing Ground

Non-fungible tokens (NFTs), the digital assets that took the world by storm in 2021, are currently experiencing a downward trend. While cryptocurrencies are battling to emerge from a bear market, NFTs are seeing a decrease in value with each passing day.

ApeCoin Hits All-Time Low

Among the NFT collections seeing new “floor prices” is the Bored Ape Yacht Club (BAYC) NFTs. Alongside this, ApeCoin, which shares its name with the collection, has plummeted to its lowest value ever. On a recent Friday, ApeCoin hit an all-time low (ATL) with a price of $1.85. This is a drastic fall from its initial price of over $26 when it was first released and listed by Binance last year.

Market Value of ApeCoin Drops

The market value of ApeCoin, which at one point was nearing $7 billion, is now hovering around $700 million. This drastic drop in value is indicative of the current state of the NFT market. Even the lowest valued piece in the Bored Ape NFT collection has dropped to $10,000. Notably, the value of a BAYC NFT purchased by Justin Bieber last October for approximately 500 ETH (worth $1.3 million at the time) has also decreased to $50,000.

In January, the base price of Bored Ape Yacht Club (BAYC) NFTs had risen following a purchase by renowned rapper Eminem, reaching over 68 ETH. Prior to this, the base price of BAYC NFTs had reached 152 ETH. However, these prices seem to be a thing of the past as the market continues to decline.