spot_imgspot_imgspot_img

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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?

Uniswap Introduces “uni.eth” Subdomains with ENS Integration: Here are the Details!

Decentralized exchange platform Uniswap has introduced uni.eth subdomains with Ethereum Name Service integration.

Ripple Initiates Collaboration with Zoniqx to Empower Asset Tokenization

Ripple, a leading enterprise blockchain and crypto solutions provider, joins forces with Zoniqx: Here are the details!
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Marisol Navaro
Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?