According to data from CoinMarketCap, ApeCoin (APE) was the most affected token among the top 100 largest projects by market capitalization, losing 45% of its value during the past seven days. It is true that the week was and continues to be extremely bad for the crypto market and its participants, but for the bored Ape Yacht Club and APE in particular, it proved to be even more unfortunate.
Unpleasant things began back on June 6, when, for the second time in a few weeks, the resources of the Bored Ape Yacht Club were hacked. This time the Discord account of Yug Labs public relations and social media manager Boris Wagner was affected. The hacker began posting phishing links to official resources of the BAYC, Mutant Ape Yacht Club and Otherside. As a result, 145 ETH was stolen.
Then, as a result of the global collapse of the entire crypto market, users started getting rid of their NFT assets in a big way. Thus, for the first time in a year the legendary Bored Ape Yacht Club collection was in a situation where the minimum price for an NFT fell below $100,000. For comparison, the minimum price per “boring monkey” in April was around $430,000, which is 80% higher than the current price.
The cherry on the top or the nail in the coffin, depending on how you feel about NFTs, was Bill Gates’ speech. The billionaire said that he considers cryptocurrencies and NFTs to be more valuable assets, whose popularity is based on “the theory of a big fool” or simply a Ponzi scheme. Gates also said that expensive digital monkey images will not improve the world and that he is not going to participate in such an undertaking.
Apcoin (APE) Price Analysis
Currently, the APE token is trading at $3.3, which is still 3.5 times its listing price. However, after holding long at the crucial $6 support level and finally breaking it, APE appears to be in a free fall, and it is impossible to know where it will find its next stop. Catching it in this free fall seems like a silly and dangerous idea.