ApeCoin (APE), the Ethereum-based token tied to the widely popular and almost definitely probably not 4Chan-related Bored Ape Yacht Club NFT project, saw its market cap drop by 67.2% or $4.3 billion during May and it has continued to slide since.
Despite bearish macro factors looming over both crypto and stock markets throughout 2022, May, in particular, was a difficult month for crypto — thanks, Terra.
Much like many other assets, ApeCoin was unable to escape the brunt of this downturn, and its market cap declined by $4.3 billion to sit at roughly $2.1 billion by May 31 as the price dropped from $21.27 to $6.97, according to data from CoinGecko.
Trading volumes were around $5.7 billion at the start of May but fell to $498 million by the end of the month.
Since then, the market cap has continued to slide to $1.3 billion, with a price of $4.40 per token at the time of writing, while 24-hour trading volume is currently totaling around $264 million. That’s the lowest since it launched in March.
Overall, ApeCoin is down 83.5% since its all-time high market cap of $6.81 billion at a price of $26.70 per token on April 28.
Pharrell Williams signs on to Doodles NFTs
Doodles, one of the top NFT projects in the space founded by respected artist Burnt Toast, has signed iconic musician Pharrell Williams as its chief brand officer.
To date, the Doodles NFT project has generated around $503 million worth of secondary sales since launch in October 2021, and the team is currently gearing up for its second NFT drop of 10,000 tokenized avatars at a yet-to-be-revealed time later this year.
Doodles 2… coming soon. https://t.co/8gw3OeeQfs pic.twitter.com/c33BB0GLqP
— doodles (@doodles) June 22, 2022
Williams is the man behind the much-loved, gut-wrenching and headache-inducing song “Happy,” which has more than 1 billion plays on YouTube, and will work to guide the project’s strategy relating to artwork, music, product lines, animation and virtual/public events. The musician will also produce a…