✔️ Information reviewed and updated in December 2023 by Eduardo López
Yuga Labs efforts to revive interest
The crypto asset ApeCoin (APE), which serves as the governance currency of the Bored Ape Yacht Club (BAYC) project and is related to non-fungible tokens (NFTs), has experienced a marked decrease in its price over the last week. This article analyzes the reasons behind this decline and its implications on the market.
APE: From USD 1.33 to USD 1.10 in Seven Days
The value of ApeCoin has decreased significantly over the last seven days, falling by 16%. While a week ago its price was at USD 1.33, it is currently at USD 1.10. This decline has become a cause of concern for cryptocurrency investors and enthusiasts.
NFTs Bored Ape Yacht Club (BAYC) and their Impact on APE
The drop in APE price is linked to the decline in sales of BAYC collectibles. In the same period, the minimum sale price of these NFTs has decreased on average by 12%, going from USD 44,000 to USD 39,000. This phenomenon reflects the general trend of reduced interest in NFTs after the so-called “NFT-mania” of 2021-2022.
Imminent Unlocking of 40 Million APE
An additional factor that has contributed to the decline of APE is the upcoming unlocking of 40 million of these tokens by developers, scheduled for September 16. These 40 million represent 10% of the current circulating supply, which is around 400 million APE. The release of these tokens could increase supply in the market, which, if not matched by an increase in demand, puts downward pressure on the price.
Future APE Unlock and Offer Events
This unlocking event is just the first of several, as the total supply of APE is projected to increase by approximately 100% by 2025, when distribution ends. Pressure on APE supply could continue in the future, which would impact its price.
Yuga Labs Efforts to Revive Interest
Yuga Labs, the company behind BAYC, has implemented changes and measures to revitalize interest in its NFTs and tokens. However, despite these efforts, the price of APE and associated NFTs has failed to recover and continues to decline.
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