ApeCoin and Bored Ape NFT Values Dive Deep

By: Eva Baxter

The digital assets tied with Bored Ape Yacht Club have experienced a significant crash in the past week, with Ethereum-based token, ApeCoin, nearing its all-time low. Notably, the NFTs from Yuga Labs are witnessing a concurrent fall in their values.

Bored Apes, one of the globally acclaimed NFTs during the last bull market, is also suffering due to a prevailing shortage in demand for NFT collections. The prices have crashed to their August 2022 levels, dropping a staggering 90% from their peak.

This abrupt decline is causing upheaval in the crypto market, especially leading to doubts about the sustainability and stability of Ethereum NFTs. The scenario has left digital asset investors and enthusiasts grappling with uncertainties.