ApeCoin market cap sliced by US$1.2 billion in one day despite Bored Ape Yacht Club NFT association

ApeCoin has become the latest meme coin to attract a huge amount of buzz in the crypto world, mostly in part because it comes from the team that created arguably the world’s most famous NFT project, the Bored Ape Yacht Club. Yuga Labs, which was recently in the news for snapping up CryptoPunks, has set up a new organization called ApeCoin DAO that is in charge of the ApeCoin crypto scheme. Unsurprisingly, the token went to the moon almost instantly, rising from airdrop to a value of US$17.75 in under 36 hours.

However, unsurprisingly there was a considerable sell-off of the latest meme coin at that US$17.75 high, sending the price down to a still-attractive US$15 as likely lucky airdrop recipients decided to cash in. Since then, ApeCoin had been flirting with the US$14 and US$13 marks before taking a hefty plunge down to US$11.33 (and was still dropping at the time of writing). This left ApeCoin massaging a massive market cap-related headache as its overall value was massacred from US$4.04 billion to a low of US$2.84 billion.

Some fans remain bullish though, and it has been claimed that ApeCoin will have a future due to its intended purpose of becoming in-game currency for future projects from Yuga Labs. While there were plenty of critics for the BAYC NFT project, it still attracted over US$1 billion in sales and numerous star buyers. ApeCoin’s rapid success may have been down to FOMO (“fear of missing out”), with fans adding artificial value to the token because of the incredible amounts of money publicly associated with Bored Ape NFTs.

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