The native token of the Bored Ape Yacht Club (BAYC) collection, ApeCoin (APE) has been steadily declining since the June crash dropping as low as $3.06.
Although APE is currently trading at 6.5% above opening price, it is still disappointing compared to what other altcoins are currently doing. Contributing to this is the fact that the BAYC NFT collection price has dropped almost 81% from its all-time high of $23.7.
The NFT market is one of the advantages for ApeCoin, but at the moment, the NFT market is exhibiting a rather disappointing performance. After hitting $42.5 million in sales in May, BAYC NFTs have not been generating any significant volume for about two months now. Over this time period, the average volume for the BAYC has been $2.1 million.
It is also important to take note of the fact that NFT sales for the month of June barely crossed $1.3 billion. In the month before that, OpenSea conducted about $3.1 billion worth of transactions.
In other words, if the situation on these fronts do not improve, APE will continue on its current path.
According to CoinMarketCap, APE is currently trading at $4.47 after a 0.14% drop in price over the last 24 hours and after reaching a high of $4.61 over the same time period.
In terms of market cap, APE is currently standing at $1,340,190,039. When looking at the crypto’s 24-hour trading volume, its up 76.11% to stand at $486,297,365.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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Danielle has a post graduate degree in Criminology. She is an active investor in the crypto space and is on a mission to learn more and share what she learns with the community.
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