APE Takes A Beating As It Sheds 50% Of Its Price

APE must cling tight, or else it falls and suffer a major “injury.” Non-fungible tokens and the metaverse are no longer merely buzzwords in the cryptocurrency industry. In 2021 alone, the market for NFTs was valued at $40 billion, a tremendous increase from the previous year. This market has continued to expand this year with the emergence of new NFT marketplaces. We also observed a new coin — ApeCoin — causing a sector-wide ruckus in tandem with this expansion. Suggested Reading | Moonbirds And Solana NFT Trading Volume Is On A Tear As Sales Rally 45% ApeCoin still makes a lot of noise, despite suffering losses in the market. (DailyCoin) ApeCoin is a recently-launched cryptocurrency on the Ethereum (ETH) network. The coin is the native cryptocurrency of the APE ecosystem, which consists of the ApeCoin DAO and all APE-based services and goods. The developer of the renowned Bored Ape Yacht Club (BAYC) NFT collections, Yuga Labs, has selected APE as the principal token for all new products and services. Despite being the newest cryptocurrency on the market as of April of this year, its market capitalization ranks 47th, at $3.445 billion. Suggested Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over? APE Drops Hard From ATH APE reached an all-time high of $28 at the conclusion of April. But on May 2, 2022, just days after reaching its ATH, the token plunged and reached a low of $...