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ApeCoin, the Ethereum-based token linked to Yuga Labs’ namesake NFT collection, the Bored Ape Yacht Club, slipped on Sunday to a fresh all-time low.
The token currently trades hands at $1.16, down 7% over the past day, according to CoinGecko. Over the past month, the simian-centered cryptocurrency has faced staunch headwinds as well, falling over 42% in the last 30 days.
ApeCoin climbed as high as $26.70 not long after it was launched in March 2022. The coin hit the market at a time when “blue chip” NFT collections like the Bored Ape Yacht Club were viewed as luxury symbols synonymous with Web3. The cheapest Ape went for around 152 ETH, or about $429,000, as ApeCoin and the BAYC reached their respective peaks in late April 2022.
But as the NFT market loses steam relative to frothy times in 2021 and 2022, ApeCoin’s downtrend has intensified compared to its monkey-themed predecessor. The token’s 42% drop over the past month has outpaced a 21% dip in floor price (or the price of the cheapest NFT listed) for Apes.
The NFT collection of 10,000 Ape profile pictures (PFPs) has found some relative breathing room compared to earlier in the month. The cheapest Ape is currently listed for around $42,000 worth of ETH but fell to a multi-year low of $36,000 worth of ETH in August, according to NFT Price Floor.
ApeCoin’s initial rise was partly fueled by enthusiasm for the Otherside, a metaverse game unveiled by Yuga last year. The sprawling digital universe, which is still under development, plans to tap ApeCoin as its native currency.
About 40 NFT owners and Bored Ape superfans got an exclusive look at Otherside’s continued development in July, where gamers got to wear their own Apes as virtual avatars while they explored Yuga’s virtual realm for the first time.
A decentralized autonomous organization called the ApeCoin DAO, which also launched the token, serves as the token’s official “steward.” ApeCoin owners have a say in the project’s direction via regular votes.
Recent proposals under review include the creation of an ApeCoin price tracker, which would display info in the community’s Discord server. While the move has no associated costs, 99.9% of the 5 million ApeCoin cast in the vote has been “against” the initiative.
Bankrolling an Ape-centric documentary called “Bored as F*ck,” however, appears relatively popular. Approximately 63% of the ApeCoin that’s been delegated supports funding the film’s production and post-production, which would cost a total of $400,000 and be paid out in ApeCoin.