Why the Price of ApeCoin Is Down Today
Over the last 24 hours, the price of the relatively new cryptocurrency ApeCoin (CRYPTO: APE) has fallen roughly 4.5%, although it continues to trade with volatility, having actually been up 6% at its high over the last 24 hours. ApeCoin looks to be taking a breather after what has been a good week in which the token is still up close to 10%.
ApeCoin only dropped about a month ago and has exploded, with the price of the coin up more than 1,100%. The token is connected to the Bored Ape Yacht Club, the organization responsible for the Bored Ape non-fungible tokens (NFTs), which depict different looking apes, each with its own unique facial expression and wardrobe. Bored Ape NFTs have become a status symbol for celebrities and extremely wealthy individuals. For instance, singer Justin Bieber purchased one for $1.3 million.
Image source: Getty Images.
Source Fool.com
