BAYC Crypto ApeCoin Loses $1.2B in Market Cap After Strong Start

ApeCoin Loses $1.2B

Since BAYC NFT makers Yuga Labs have acquired Larva Labs, they are on a mission to create new opportunities, including a game that will feature ApeCoin.

After its launch, the cryptocurrency rose quickly to US$17.75 within 36 hours. But after the initial rise, there was a sell-off, and the price stabilized at US$15. But the BAYC NFT lovers were in for a major surprise as the price plummeted further and reached its current value of $11.41 at the time of writing.

The decrease in the value of ApeCoin means that almost $1.2 Billion in the market cap were wiped out in a very short time. Experts believe that the initial success of ApeCoin cryptocurrency price was because of a fear of losing out on the latest offering by BAYC creators.

As more and more people joined in the buying spree, the valuation of ApeCoin rose fast. However, after its market cap rose to a whopping US$4.04 billion, its value decreased quickly. Currently, the market cap of Yuga Lab cryptocurrency is at an all-time low of US$2.84 billion. But there is potential to grow as the new cryptocurrency holds excellent value.

The BAYC cryptocurrency will be used as an in-game currency, which gives it innate value. Although the new ApeCoin has its critics and detractors, it has attracted several big names.