APE skyrocketed, reaching over $27. Since then, the token has lost the majority of its gains and is currently trading at slightly under $6. This enormous decline is alarming. ApeCoin is losing value in tandem with a recent land auction in a metaverse that utilizes the token as its underlying currency, in addition to negative trend affecting the larger cryptocurrency market. Despite the massive sell-off, the APE token was up nearly 30% in the previous 30 days of trade.
Investors started coming into APE ahead of the publication of information concerning land NFT purchases in the Otherside metaverse, and the token had risen as high as 37.2 percent in the preceding 24 hours. The cryptocurrency, however, collapsed when the land NFTs were sold at a set cost of 305 ApeCoin tokens per plot rather than in an auction-style sale, which might have drove values substantially higher.
ApeCoin reached a new all-time high in late April as a result of the strong growth. In only 10 days, its worth almost doubled.
Yuga Labs, the inventor of the Bored Ape Yacht Club (BAYC), revealed a week ago that their metaverse, Otherside, would open. ApeCoin, the money to be used on Otherside, had since become the most valuable cryptocurrency tied to the metaverse idea in terms of market capitalization.
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