ApeCoin is undergoing considerable volatility. The token powering ApeDAO, a decentralized organization (DAO) linked to the popular NFT collection Bored Ape Yacht Club (BAYC), has dropped and surged many points in the last 24 hours.
APE was trading at $17.74 at this time yesterday, according to Coincu data. The token then dropped to $16.24, rose back to $17.56, dropped to as low as $15.7, retook $17.16, and is now trading at $15.18. Despite this, the unpredictable market movement has caused significant harm, with net losses over the last day totalling more than 13%.
ApeCoin is the governance token that is used to propose and vote on various ApeDAO proposals. Though it is not the official token of the BAYC collection, people who owned a Bored Ape NFT were eligible for an airdrop of this token in March.
The goal of the coin is to unite the BAYC community around common goals and events. One such event, the recent land sale for the community’s so-called Otherside metaverse project, is likely to be the key driver of the token’s recent volatility.
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