coinedition.com
Data from CoinMarketCap, the leading cryptocurrency aggregation platform, shows that ApeCoin (APE) dropped to its lowest price this year on Tuesday, August 1, 2023. The price drop followed an exclusive event when 40 BAYC owners and superfans saw new areas of Yuga Labs’ virtual world and saw sneak peeks of its Otherside game.
APE dropped to $1.767 on Tuesday, marking the lowest price level in one year, before rebounding to $1.84 at the end of the trading day. APE’s price has dropped a few points after then and is trading at $1.81 at the time of writing, representing a drop of 8.6% in the past seven days.
As APE’s price dropped, the value of Bored Ape Yacht Club (BAYC), Yuga Labs’ flagship NFT collection, dropped. The digital asset has experienced a steady decline in the past year, dropping from 82.73 ETH to 29.36 ETH.
Otherside, whose revelation coincided with the recent drop in APE’s price, is described as a “gamified, interoperable metaverse” that combines the possibilities of massive(ly) multiplayer online role-playing game (MMORPGs) like World of Warcraft and blockchain-based metaverses like Sandbox and Decentraland.
The Otherside metaverse is also introduced as a platform where game players can own part of the world through Otherdeed NFTs, and their NFTs, like Bored Apes, Mutant Apes, and CryptoPunks will become playable 3D characters. Despite this recent innovation, the downward pressure on ApeCoin continued.
ApeCoin was introduced into the cryptocurrency market in March 2022 at $8.53. Barely one month after the introduction, the price rose to $23.65. The digital token’s price has dropped significantly in the past 16 months following an overall declining NFT market. ApeCoin’s current price reflects a 94% loss from the all-time high. Despite this, the token retains a market cap of $667,233,825.