- ApeCoin (APE) has been steadily declining since the June crash, falling to $3.06.
- The NFT market is one of the advantages for ApeCoin, but at the moment the NFT market is showing a rather disappointing performance.
- If the situation on these fronts does not improve, APE will continue on its current path.
The native token of the Bored Ape Yacht Club (BAYC) collection, ApeCoin (APE) has declined steadily since the June crash, falling to $3.06.
Although APE is currently trading 6.5% above the open price, it is still disappointing compared to what other altcoins are currently doing. The fact that the price of the BAYC NFT collection has fallen almost 81% from its all-time high of $23.7 contributes to this.
The NFT market is one of the advantages for ApeCoin, but at the moment the NFT market posted a rather disappointing performance. After hitting $42.5 million in sales in May, BAYC NFTs have not generated significant volume for about two months now. During this period, the average BAYC volume was $2.1 million.
It’s also important to note that NFT sales for the month of June barely exceeded $1.3 billion. In the previous month, OpenSea completed transactions worth around $3.1 billion.
In other words, if the situation on these fronts does not improve, APE will maintain its current momentum.
According to CoinMarketCap, APE is currently trading at $4.47 after a price decline of 0.14% in the past 24 hours and after hitting a high of $4.61 over the same period.
In terms of market capitalization, the APE currently sits at $1,340,190,039. When looking at the crypto’s 24-hour trading volume, it increased by 76.11% to $486,297,365.
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