Apecoin Price Plunges to Record Lows After Otherside’s Introduction

Coingecko data reveals that Apecoin has recently experienced a significant downturn, hitting a record low of $1.77. This drastic drop comes in the wake of Yuga Labs’ introduction of new features to the Otherside metaverse game.

Apecoin Price Plunges to Record Lows After Otherside’s Introduction

Specifically, on the evening of August 1, the ApeCoin price retreated to the aforementioned $1.77 mark, reflecting a staggering decline of more than 92% from its peak value a year ago. As of now, the token holds the 65th position in terms of market capitalization, with an overall value of $675 million. While APE managed to rebound slightly to the $1.84 region following Bitcoin’s recent rally, it still remains 10% down on a weekly basis.

Apecoin’s journey began in March 2022, with an initial price of $8.54, surging to a high of $26.70 the following month. Notably, the APE token has been closely associated with the immensely popular Bored Ape Yacht Club (BAYC) non-fungible token collection, despite not being the official cryptocurrency of BAYC.

The recent price decline coincides with Yuga Labs‘ landmark NFT sale for the upcoming Otherside metaverse game, which saw the value of Bored Ape NFTs fall to multi-year lows in early July. The Bored Ape NFT collection’s floor price plummeted to just $52,000, down 88% from its peak value.

Apecoin also faced challenges when it came under scrutiny by the US Securities and Exchange Commission (SEC) last year. The SEC accused the token of providing unregistered services and violating investor protection regulations, leading to further pressure on its price. The SEC has considered certain NFTs, including Bored Ape Yacht Club and even Apecoin, to be classified as securities.

In addition to these developments, Yuga Labs has initiated legal action against content creator Ryder Ripps, alleging infringement of intellectual property rights.

As the market continues to navigate through volatility and regulatory complexities, Apecoin’s future performance remains uncertain, with investors closely monitoring the trajectory of this cryptocurrency in the ever-evolving landscape of digital assets and NFTs.