Why is ApeCoin Price Falling In 2023?

• APE token hits record low amid NFT market struggles and controversies.
• Investor confidence wanes as ApeCoin price plummets, signaling an uncertain future.

In a shocking turn of events, ApeCoin (APE), the utility and governance token of the APE ecosystem, has almost plummeted to its all-time low this year. The ApeCoin Price reached a staggering $1.99 this month, marking a significant decline for investors. The downward trend has been evident throughout the month, with a 34.04% decrease and a 6.13% dump just this week. 

Comparatively, APE’s peak in March 2022 at $39.40 seems like a distant memory, with the current price standing at a meager $2.11, representing a massive 94.65% decrease.

What’s Behind The ApeCoin Price Red Forest?

The poor performance of the NFT market plays a substantial role in ApeCoin’s decline. The Azuki NFT collection creators recently raised approximately $40 million in their new launch. However, the excitement quickly turned sour when some major investors claimed they had been deceived. They argued that the newly launched collection closely resembled a previous one. It led to accusations of plagiarism or lack of originality.

Furthermore, the floor price for Bored Ape NFTs experienced a significant drop, falling to around 27 ETH on Sunday night. This decrease indicates a staggering 88% decline from its peak in April 2022. As the NFT market faces growing skepticism, some individuals are speculating that NFT-linked cryptocurrencies like ApeCoin may be on a trajectory toward zero.

ApeCoin Price finds itself near record lows, having lost over 90% of its value since its peak in April 2022. The coin’s trading volume stands at $46,589,301, reflecting a 21.69% decrease within a 24-hour period.

Meanwhile today, the coin is trying to showcase its very slow recovery, the price stands at $2.08 with a surge of 0.09%.

Finally, While the NFT market initially garnered considerable attention and enthusiasm, recent controversies and market downturns have led to a loss of investor confidence.