Why the Price of ApeCoin Is Falling Today
The price of ApeCoin (CRYPTO: APE) had fallen about 8% over the last 24 hours as of 10:36 a.m. EST on Monday for no obvious reason other than broader volatility the new cryptocurrency has experienced since its debut last week.
ApeCoin is connected to the Bored Ape Yacht Club, a very valuable brand of non-fungible tokens (NFTs) that features a large collection of apes, all with different facial expressions and outfits. The collection grew in popularity last year when celebrities like Justin Bieber and Paris Hilton bought them. Bieber reportedly paid over $1.3 million for his ape NFT. The company has also reportedly done $1.5 billion in revenue since launch.
A total of 1 billion of the Ethereum-based ApeCoins were released. The token has been volatile, jumping from $7.40 to more than $17 per token, and then falling to where it currently trades, at around $10. ApeCoin's market cap is currently around $1.3 billion.
Source Fool.com
