Cryptocurrency Ape Coin might be the hardest hit in the recent market crash.
May 12th 2022, was one of the worst night mares for crypto sphere in sometime. The market started crashing and reached to an extent where many people pointed out that the market was entering into a deadly phase called “Crypto Winter.” Almost all the cryptocurrencies, stablecoins and NFTs were hit and were losing their value as each minute passed by. Ape Coin was no different.
Supposedly, Ape coin is one of the hardest hit cryptocurrencies in the market, leading to a sharp decline to its market value. The asset happens to be supported by one of the most successful NFT projects of all time – the Bored Ape Yatch Club.
Market Cap of Ape as of June.
Though the market crash hit hard, Ape coin is still persistent enough to retain its spot in the top 50 cryptocurrencies in the world in terms of market capitalization. Ape coin happened to close the fifth month of the year with a market value of approximately $1.97 billion.
However, the high price in the value of Ape coin is due to the plunge in the value of other digital assets. Actually, Ape witnessed a 56% dip in its market value from May 1.
Sinking ship for Ape coin.
The ship of Ape Coin’s market capitalization sunk primarily because of two reasons. Firstly, a sell-off on May 1st resulted in a reduction of market capitalization. The sell-off got intensified during May 9th to May 15th due to the market crash.
On 1st of May, Ape opened at $20.02. The cryptocurrency reached an intraday high at $20.04 and then started plummeting. It shed by at least 21% to an intraday low at $15.69 and closed the day at $15.97. As Ape lost almost one third of its value on the opening day of the month, it could not recover from the drop thanks to the market crash.
Ape coin reached the lowest value of $5.25 on May 11 and traded at that range of value through-out the month. At the end of the month, the trading price of the cryptocurrency was at $6.76. The overall dip in the value of Ape coin in the month of May was at least 66%. The tremendous fall of APE only justifies the extent of the market crash and how devastating the situation is for cryptocurrency market.