Cryptocurrency market analysts noted that the cost of the ApeCoin cryptocurrency decreased to $5.45. According to experts, investors have completely lost confidence in this virtual asset against a global market decline. The specialists noted that the cryptocurrency trading industry is in a bearish trend, and the APE rate is entirely consistent with this. The cost of the digital token has continued to decline steadily over the past 3 months.
Having entered the market this year, ApeCoin has become the most popular asset in the non-fungible token (NFT) sector, thanks to its connection to the Bored Ape Yacht Club (BAYC) collection and the promises of the developers to create their metaverse.
Experts noted that back in March, the token was trading at $39.4, and now it has long been cheaper than $6. It has lost 89% of its peak value, hitting $5.45 today. As of 17:45 Moscow time on July 27, 2022, the cryptocurrency exchange rate slightly corrected, and it was sold at $5.85, which is 3% more expensive than the same indicator a day ago. The market capitalization of the cryptocurrency amounted to $1.79 billion, which allowed the virtual asset to occupy the 31st position in top digital currencies.
Despite the general negative sentiment, some investors continue to believe in the prospects for the growth of the value of the cryptocurrency and said that now is the perfect time to buy assets. They expressed confidence that with the development of the metauniverse, the popularity of ApeCoin could increase tenfold, which would lead to an increase in the rate of the digital token.