- After reaching a peak of over $26, BAYC’s ApeCoin token is now only worth $3.
- BAYC has been hacked before, and investors lost NFTs during earlier assaults.
Digital art prices skyrocketed last year as NFTs became a fascinating trend. Volumes on OpenSea and NFT prices have fallen due to the current crypto collapse, which has impacted the market negatively. Bored Ape Yacht Club and CryptoPunks were two of the most prominent market leaders. After reaching a peak of over $26, BAYC’s ApeCoin token is now only worth $3, and the Bored Ape Yacht Club floor price has fallen to 70 ETH ($85,600).
This year’s ApeCoin debut was one of the most anticipated. One of the worst-performing assets among major cryptocurrencies, it is now. The prospect of another assault on the Bored Ape Yacht Collection has been a constant presence for some time now.
Rise and Fall of APE
It has emerged that hackers have targeted the social media page of the BAYC collection during the financial crisis. BAYC’s founder claims that Twitter’s insiders informed him of the same thing. Additionally, BAYC has been hacked before, and investors lost NFTs during earlier assaults, making this a frightening scenario.
On the other side, APE, a freshly released token, fell 85% from its all-time high a little over a month ago, even though the currency has only been around for a few weeks. In addition to price movements, demand and adoption have declined significantly.
Since its inception barely three months ago, the number of people using the network has fallen to its lowest level ever. A few surges in adoption have been noticed, but there has been no persistent rebound; therefore, the adoption has slowed.