Apecoin (APE) Price Dropped To All-Time Lows Since Launch Of Otherside

Key Points:

• ApeCoin fell to as low as $1.77 late on August 1, recording a 92% drop in value from its all-time high.
• APE prices started to plummet as Yuga Labs NFT collections dropped in price despite the launch of the new metaverse game Otherside.
• This decline can also come from SEC regulatory pressure and a protracted copyright dispute.

According to Coingecko, the price of Apecoin (APE) has dropped to a record low of $1.77 despite Yuga Labs releasing some new elements to the Otherside metaverse game.

Specifically, ApeCoin pulled back to the $1.77 mark on the evening of August 1, down more than 92% from the peak APE broke a year ago. The token currently ranks 65th by market cap, with a total value of $675 million. As of press time, APE has bounced to the $1.84 region following Bitcoin’s rally but is still down 10% on a weekly basis.

ApeCoin hit the market in March 2022 at $8.54 and went as high as $26.70 the following month. Bored Apes NFT also hit a peak minimum price of 152 ETH or $429,000 in April 2022 as Yuga’s Otherside game prepares to launch NFT-based plots that allow players to customize their own spaces within the online world.

APE is often associated with the popular Bored Ape Yacht Club non-fungible token collection, although it is not the official cryptocurrency of BAYC.

The long slips come after BAYC creator Yuga Labs’ landmark NFT sale over the weekend for the upcoming metaverse game “Otherside”. The price of the Bored Ape NFT fell to a multi-year low in early July. The collection’s floor price was just $52,000, down 88% from its peak.

ApeCoin was also under pressure when it was touched by the US Securities and Exchange Commission (SEC) late last year, accusing it of providing unregistered services and violating investor protection rules. Accordingly, the SEC considers some NFTs, such as BAYC and even ApeCoin, to be securities. At the same time, Yuga Labs is also pursuing a lawsuit against content creator Ryder Ripps, alleging infringement of intellectual property rights.

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.