ApeCoin Crashes 20% as Launch Hype Dies Down
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Apecoin has nosedived by more than 30%, pulling back from all-time high levels on March 17 when it was launched
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The crypto token is currently trading at $10.46, according to data from CoinMarketCap, and has lost 20% in value in the last 24 hours
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ApeCoin is the cryptocurrency of the Bored Ape Yacht Club NFT collection, launched by parent company, Yuga Labs
The cryptocurrency market was restless on Sunday as most tokens lost some of the gains gained during the week.
Bitcoin has crashed from about $42,200 to $41,280 in 24 hours, losing 1.72% in value. Other tokens were not left out, including the recently launched ApeCoin.
ApeCoin has been trending since this week after the cryptocurrency was launched as the token of the Bored Ape Yacht Club NFT collection by Yuga Labs.
The digital currency is an ERC-20 token that can be used within the APE ecosystem, allowing holders to participate in DAO.
After reaching highs of more than $16 on March 17 when the token was launched, the token has taken a breather, losing 20.4% in the past 24 hours.
As of today, ApeCoin is not a part of the top 40 club, holding the 47th position among cryptocurrencies, based on Market Cap. CoinMarketCap puts the market cap of the token at $2.9 billion.
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