Monday, June 5, 2023

ApeCoin Surges 22% After BAYC Video With Eminem And Snoop Dogg

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Apecoin surges 22% after the Bored Ape video featuring Eminem and Snoop Dogg and this small bump is a huge benefit for the token that recently shed 65% of value in one month so let’s read more today in our latest altcoin news.

After the hectic week on the market, culminating in a lawsuit against a critic of Bored Ape, the BAYC holders seem to have come out on top. The NFT collection’s native ETH token Apecoin increased 22% overnight as per the data from CoinGecko and as of the time of writing, the coin was worth $4.92 down from its morning peak at $5.26 while in the past week, it increased by 35%.

The price increase signifies a small rebound from what was once a brutal month for the token which fell about 65% at a pace distinct even from the bear market. Last April, ApeCoin’s price reached an all-time high of $27 in anticipation of the virtual land NFT sales for the BAYC metaverse game Otherside. ApeCoin can be used by the holders to vote on Apecoin DAO governance proposals and the recent price spike could have been caused in part by the release of a new music video by Eminem and Snoop Dogg.

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Apecoin surges 22% as the rappers transformed into Bored Apes animated versions in their new music video which trended on YouTube over the weekend and got 7.5 million views. Snoop Dogg and Eminem debuted the new single live on Friday during ApeFest, the annual gathering for BAYC and Mutant Ape Yacht Club holders the festival also saw musical acts from Lil Wayne, Haim, Lil Baby, and more. The most prominent artists like Snoop Dogg and Eminem showcased the BAYC brand in their dedicated music video which points to the growing reach and the influence of NFT collections.

The BAYC brand was however under attack this week after an artist debuted a copycat Bored Ape NFT collection which criticized the brand for containing racist and nazi imagery. The BAYC parent company yuga Labs denied the allegations and filed a lawsuit against the artist Ryder Ripps alleging that his NFT collection was a scam. Today’s price bump for Apecoin indicates that the controversy made a little economic impact on the BAYC ecosystem right after the ApeFest showed the brand’s support from celebrity promoters.

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