Tuesday, November 29, 2022

ApeCoin Crashed By Double-Digits After NFT Land Sale

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Apecoin crashed double digits after the NFT land sale by 13% in the past day as we can see more today in our latest Altcoin news today.

In the past 24 hours, the token behind the ApeDAO decentralzied organization related to bAYC, dipped and crashed by a few points. According to the price data pulled from CoinMarketCap, Apecoin crashed by double digits and traded at $17.74 and fell to $16.24 and moved in between these two levels before dropping to the current price of $15.49. The volatile price action inflicted some serious damage with the net losses over the past day reaching over 13%. Apecoin is the governance token used to propose and vote on different proposals made in the ApeDAO but it technically isn’t the official token of the collection and those who held a Bored Ape NFT that is eligible for an airdrop of the token back in March.

apecoin coin
APE 24-hour Price Chart (Source: coingecko)

The coin’s purpose is the corral of the BAYC community around the common objectives and events and one such event, the land sale for the Otherside metaverse is the main conductor behind the tokens’ latest volatility. Yuga Labs as the startup behind the NFT collection launched the metaverse land mint on Saturday. The event opened up the sale of the NFT-based deeds to the digital land in the environment and it was a smash hit, raising $561 million for Yuga Labs while the viral sale also led to the fees on ETH as the network upon which the sale happened and surged as buyers rushed to purchase a slice of digital real estate.

What’s more, the deeds can be purchased using the Apecoin token and as the hype enhanced, speculators scooped up tons of coins to ensure they can get their hands on the deed. The spike tapered and became clear that the mint will not be a Dutch auction but sold for a flat price of 305 Apecoin. In a Dutch auction, the price of the item is a function of the demand on the market with the price soaring as the demand increases. It was also announced the day before the land sale the price per deed will be fixed some investors could have shed some of the Apecoin holdings and all in all, the last day was really interesting for the BAYC community.

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