This bump is a sign of a minor recovery by the token that recently lost over 65% in one month.
Bored Ape Yacht Club owners appear to have won despite a busy week that featured star-studded live events and culminated in a lawsuit against an vocal critic .
According to CoinGecko data, ApeCoin was the most popular NFT collection’s native Ethereum coin. It rose over 22% overnight. The coin’s value was $4.92 at the time of writing, slightly lower than its morning peak of $5.26. ApeCoin’s value has increased by 35% in the past week.
This price rise is a slight rebound from an otherwise disproportionately harsh month for the token , which has recently fallen some 65% at a pace that is distinct even from the current bear market .
In anticipation of the sale of virtual land NFTs for the BAYC’s metaverse, Otherside, ApeCoin’s value hit an all time high of nearly $27 in late April. Holders can vote on ApeCoin’s DAO governance proposals by using ApeCoin.
ApeCoin’s recent price rise may be due to Friday’s release of a new music clip by Eminem, Snoop Dogg and Snoop Dogg in which prominent rappers and well-known BAYC ambassadors transform in animated versions of their Bored Ape avatars. The music clip was a YouTube hit that accumulated over 7.5 million views.
Snoop Dogg and Eminem debuted “From the D2 The LBC,” the new single, live at ApeFest (an annual gathering for Mutant Ape Yacht Club members) on Friday. This private festival took place in New York last week alongside NYC. It also featured performances by LCD Soundsystem and Future, as well as Lil Wayne, Haim, Lil Baby, Future, and Lil Baby.
The growing cultural influence of NFT collections is evident in the fact that prominent artists like Eminem and Snoop Dogg featured the BAYC brand in a dedicated video.
However, the BAYC brand was also under attack after an artist presented a copycat Bored Ape NFT line that criticized the BAYC brand for its racist imagery and ironic “Nazi” dog whistles. filed a lawsuit on Friday against Yuga Labs alleging Ryder Ripps’ satirical NFT collection to be a fraud.
ApeCoin’s price increase today indicates that the controversy has had little economic impact on BAYC’s ecosystem. ApeFest also demonstrated the brand’s continued support by a dedicated cadre of celebrity promoters.