ApeCoin Increases 22% After Appearing In Eminem And Snoop Dogg’s MV

ApeCoin after appearing in the music video of Eminem and Snoop Dogg, has shown positive signs after falling 65% in 1 month.

ApeCoin up 22%

After a busy week of star-studded live events, culminating in a lawsuit against a vocal critic, the Bored Ape Yacht Club owners appear to have turned themselves in.

ApeCoin is showing a positive sign after launching videos with a monkey theme with Eminem and Snoop Dogg. The price of this new Ethereum token based on the Bored Ape Yacht Club NFT project increased by 21.21% in 7 days.

The increase in price signals a slight recovery from what was previously a disproportionately brutal month for the token, which has recently dropped around 65% at a disparate rate even for the market’s current bear.

At the end of April, the price of ApeCoin hit an all-time high of nearly $27 in anticipation of virtual land NFT sales for BAYC’s metaverse game, Otherside. Owners can use ApeCoin to vote on ApeCoin DAO governance proposals.

ApeCoin’s recent spike in price could be partly attributed to the release of a new music video by Eminem and Snoop Dogg on Friday, which featured rappers and famous BAYC ambassadors transforming into animated versions of ApeCoin, their Bored Ape avatar. The music video that trended on YouTube over the weekend has racked up more than 7.5 million views.

Eminem and Snoop Dogg released their new single, “From the D 2 The LBC,” live on Friday at ApeFest, an annual gathering for BAYC and Mutant Ape Yacht Club (MAYC) holders. . The private festival, which took place in New York last week concurrently with NFT NYC, also saw musical artists LCD Soundsystem, Haim, Lil Wayne, Lil Baby, and Future perform among others.

The fact that prominent artists like Eminem and Snoop Dogg have introduced the BAYC brand in a dedicated music video demonstrates the growing reach and cultural influence of popular NFT collections.

However, the BAYC brand was also attacked this week after an artist launched a parody Bored Ape NFT collection, claiming to criticize the BAYC brand for allegedly containing racist and hidden imagery. Italian, “Nazi dog whistle” BAYC’s parent company, Yuga Labs, has vehemently denied the allegations and on Friday filed a lawsuit against the artist, Ryder Ripps, accusing his satirical NFT collection of being a scam.

Today’s ApeCoin price increase shows that the controversy, at least for now, has had a little economic impact on the BAYC ecosystem, just as ApeFest has demonstrated the continued support of the merchant brand from a dedicated team of renowned promoters.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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