ApeCoin price tanks despite hype around Bored Apes NFTs
- ApeCoin price plummeted by 12% despite the popularity of Bored Ape Yacht Club NFTs.
- Based on data from crypto intelligence platform Nansen, the transaction activity in ApeCoin pushed transaction fees on the Ethereum network higher.
- Proponents argue that the fully diluted market capitalization of ApeCoin exceeds $10 billion, and the token could rank in the top 20 cryptocurrencies.
ApeCoin price has posted double-digit losses within 24 hours. Despite the popularity of the Bored Ape Yacht Club, a collection of 10,000 unique NFTs on the Ethereum blockchain, the ApeCoin price plunged.
ApeCoin price suffers despite popularity of the NFT collection
ApeCoin price has failed to continue its uptrend after hitting an all-time high earlier today. Proponents expected the popularity of the Bored Ape Yacht Club NFTs to influence ApeCoin price positively.
10,000 unique Bored Ape NFTs are popular in the community, but the collection – once featured as the highest-grossing digital collectible on the marketplace – failed to influence the price of ApeCoin.
Colin Wu, a Chinese journalist, reported that the withdrawal and transactions of ApeCoin triggered a spike in gas fees on the Ethereum network. The median transaction fees on the Ethereum network hit 340 Gwei at one point, skyrocketing in response to the activity in ApeCoin.
Median Gas Price on the Ethereum network
Wu argues that the fully diluted market capitalization of ApeCoin has exceeded $10 billion, which implies that ApeCoin could rank in the top 20 cryptocurrencies.
ApeCoin was launched as an in-game token for Yuga Lab’s mobile games. Eventually, it would finance various physical and digital projects in a diverse portfolio.
The token is scheduled to be listed on cryptocurrency exchanges and portfolio trackers with its rising demand among investors.
A spokesperson for the team behind ApeCoin, Yuga Labs, noted that ApeCoin would soon get listed on Coinbase, FTX, eToro, Kraken, OKX, FTX, Binance and Binance US.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
