In the aftermath of the monumental auction of Otherdeeds — NFTs fundamental to the impending Otherside metaverse – ApeCoin has suffered a dramatic price decrease. There was a sharp rise in ApeCoin’s price last week when it was the only method to purchase Otherdeeds in the main sale.
Apecoins Price Decline
ApeCoin’s post-mint price decline was widely anticipated when the cryptocurrency debuted in March 2022. The Coin was revealed to be the Yuga Labs ecosystem’s primary token. It’s safe to say that the news was met with great anticipation. There wasn’t much movement in the ApeCoin price compared to other volatile cryptocurrencies.
After a month, ApeCoin’s actual price activity would begin. It’s been trendy after Yuga Labs stated that their forthcoming mint would only accept payments made in ApeCoin. Because of this, the value of the cryptocurrency soared. As per some reports, the Coin reached an all-time high of $27.51 on April 28.
However, the exact opposite happened despite the apparent logic that the price would rise in the run-up to the sale. It would be cheaper to produce, as there would be less need for it after the mint. The price has dropped by 16 percent as of Monday, May 1. The cost was $14.90 at the time of writing.
Many people who acquired ApeCoin at inflated rates the week before minting could not stamp because of the high pricing. It’s because of the astronomical gas costs that resulted from the sale. Because of this, many ApeCoin customers have at least 610 ApeCoin that they purchased for a mint that they were unable to participate in.
On NFT Twitter, many individuals were able to foresee this outcome. Many people’s mint encounters weren’t as straightforward as they should have been.
The price will continue to fluctuate over the long term, even if it takes a temporary plunge. ApeCoin DAO and Yuga Labs’ future use of ApeCoin is more crucial than the current use of ApeCoin.
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