Is ApeCoin Going to Zero? APE Price Plummets 15% While This New Meme Coin Secures $375,000 in Funding – How to Buy Early?
ApeCoin (APE) has plummeted a further -15% week-on-week, in the latest tumble of a 7-month cascade, leaving desperate bag-holders asking: Is ApeCoin going to zero?
The downside price action for the APE governance token, comes amid wider disarray in the Bored Ape Yacht Club (BYAC) ecosystem - which has seen the value of the once prestigious NFT collection plummet over the past year.
Indeed, looking at BAYC NFT floor price, over the past month there has been a -26.2% decrease from an average of 31 ETH to just 23.8 ETH today.
In fiat terms that represents a decrease from around $51,000 to around $39,500 - a fiat-value loss of -$11,500 in just one month.
Worse still BAYC volumes (-41%) and BAYC sakes (-31%) have dropped off steeply over the past month, fuelling concerns about ebbing interests in the struggling project.
Yet, while NFT and token prices are dropping, the ApeCoin development community remain dedicated to building during the downside - with one developer suggesting an ambitious proposal for a V2 ApeCoin marketplace that would enable the enforcement of royalty payments for creators.
This comes following the news that OpenSeas are changing their royalties model - pushing away legions of NFT artists.
Amid 7-months of cascading price action, which has so far seen APE bleed-out -76% YTD, ApeCoin is trading in downside price exploration, as price continues to push lower than ever before at $1.49 (a 24-hour change of -0.40%).
Having seen losses of -31% since July 24, downside price action still seems to be the dominant force in the market.
A brief period above the 20DMA from August 12 to August 15 collapsed in a catastrophic -35% dump following rejection from upper trendline resistance.
The dramatic retracement move saw APE hit a
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