Apecoin swept the cryptocurrency world by storm when it launched in March 2022. Holders of Bored Ape Yacht Club NFTs were initially airdropped 10,904 tokens each in a 150 million APE airdrop. Many crypto investors criticized the airdrop as unfair, arguing that it primarily benefited the NFT owners. The airdrop drama caused ApeCoin to get off to a rough start. Its price spiked quickly, then crashed soon after launch.
Due to Yuga Labs’ popularity, the company was able to secure ApeCoin listings on many popular crypto exchanges like Binance and FTX immediately after launch. The APE token launched in March 2022 at around $7 and kicked off a wild journey in its first 30 days of action. The first exciting detail came after Yuga Labs raised hundreds of millions of dollars in an equity funding round led by Andreessen Horowitz. This allowed APE to peak above $14.50 in less than a week.
The price increase was carried over into April 2022, and the token price hit a peak of $26.70 on April 28, 2022, its all-time high to date. However, this meteoric rise was followed by an even steeper 86% drop to under $3.5 over the following weeks as the hype died down and traders took profits.
From June through mid-July 2022, APE traded in a range between $3 and $5, not breaking out in either direction. There was little price action or APE news to drive the value up or down during this period. In August, however, ApeCoin had a brief price increase to $7.55 before tumbling down again.
With the exception of a few surges here and there, ApeCoin’s price action has stayed rather stable for two years, with very little to no volatility. The token now trades at around $1.
ApeCoin News
Despite the lacklustre price, ApeCoin’s position in the APE ecosystem makes it one of the top coins to watch in the NFT niche. The future of APE largely depends on the overall adoption and development of NFTs, Web3, the metaverse, and the communities supporting these new frontiers.
To understand what’s driving the price of APE, you need to follow the news. NewsBTC is dedicated to providing the latest APE price action, expert predictions, the latest APE news, the latest ApeCoin news, partnerships, and other events in the world of Apecoin.
