- ApeCoin price plummeted by 12% despite the popularity of Bored Ape Yacht Club NFTs.
- Based on data from crypto intelligence platform Nansen, the transaction activity in ApeCoin pushed transaction fees on the Ethereum network higher.
- Proponents argue that the fully diluted market capitalization of ApeCoin exceeds $10 billion, and the token could rank in the top 20 cryptocurrencies.
ApeCoin price has posted double-digit losses within 24 hours. Despite the popularity of the Bored Ape Yacht Club, a collection of 10,000 unique NFTs on the Ethereum blockchain, the ApeCoin price plunged.
ApeCoin price suffers despite popularity of the NFT collection
ApeCoin price has failed to continue its uptrend after hitting an all-time high earlier today. Proponents expected the popularity of the Bored Ape Yacht Club NFTs to influence ApeCoin price positively.
10,000 unique Bored Ape NFTs are popular in the community, but the collection – once featured as the highest-grossing digital collectible on the marketplace – failed to influence the price of ApeCoin.
Colin Wu, a Chinese journalist, reported that the withdrawal and transactions of ApeCoin triggered a spike in gas fees on the Ethereum network. The median transaction fees on the Ethereum network hit 340 Gwei at one point, skyrocketing in response to the activity in ApeCoin.
Median Gas Price on the Ethereum network
Wu argues that the fully diluted market capitalization of ApeCoin has exceeded $10 billion, which implies that ApeCoin could rank in the top 20 cryptocurrencies.
ApeCoin was launched as an in-game token for Yuga Lab’s mobile games. Eventually, it would finance various physical and digital projects in a diverse portfolio.
The token is scheduled to be listed on cryptocurrency exchanges and portfolio trackers with its rising demand among investors.
A spokesperson for the team behind ApeCoin, Yuga Labs, noted that ApeCoin would soon get listed on Coinbase, FTX, eToro, Kraken, OKX, FTX, Binance and Binance US.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.