Is ApeCoin Going to Zero? APE Price Tumbles 10% in 1 Hour as Hot New Mining Coin Rakes in $3.7 Million
Apecoin (APE) has tumbled -10% in a breakdown move, leaving Apecoin bag-holders dejected with APE price action asking ‘is ApeCoin Going to Zero?’.
This comes following a brief resurgence for the leading NFT governance token, as price took a fleeting +46% rally from rock-bottom levels over the past few weeks.
Downside price action appears to have been triggered by a sudden downtick in Bored Ape Yacht Club (BAYC) NFT floor price, as markets rejected a recovery move up to 32 ETH ($66,694).
Now stood at a floor price of 29.37 ETH ($61,212), the dramatic -8.2% drop in BAYC floor price has spooked markets, leaving ApeCoin once again facing free fall.
Worse still, market sentiment took a further hit during the recent ApeFest NFT event in Hong Kong, which has been engulfed in bad-publicity after 22 conference attendees suffered temporary blindness as the result of over-powered UV lighting at the venue.
If you went blind at ApeFest at least you missed this pic.twitter.com/78ovkRwVue
— bunny
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