- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.